Finca UWC to Refund Money During 2021, CBA Informs

The Central Bank of the Republic of Armenia has released a statement which reads:

“According to the supervisory measures conducted by the Central Bank of Armenia and the decision made by Finca UWC LLC (hereinafter referred to as the Company), the Central Bank informs:

• Customers of the Company who obtained consumer loans, agricultural loans (up to 5 million dram), and commercial loans (up to 5 million dram provided to micro commercial organizations) from January 1, 2018, to July 30, 2020, and have fully fulfilled their loan obligations, including early repayments, and for whose loans the annual interest rate recalculation was not performed at the time of repayment due to the Company considering the year as 360 days instead of 365 days, may apply to the Company and reclaim the amounts subject to refund as a result of the recalculations conducted by the Company. The Company will return these amounts during 2021.

• Customers of the Company who obtained consumer loans, agricultural loans (up to 5 million dram), and commercial loans (up to 5 million dram provided to micro commercial organizations) from January 1, 2018, and have fully repaid their loans early, for whom the recalculation was not conducted due to the non-reduction of the Company’s overall costs, may likewise apply to the Company and reclaim the amounts subject to refund as a result of the processes conducted by the Company. The Company will return these amounts during 2021.

Due to the above discrepancies, the Company violated the requirements set by the Law on Consumer Credit of the Republic of Armenia and the regulations established by the Board of the Central Bank of Armenia on July 28, 2009, number 229-N, for which the Company has been fined 500,000 dram based on the decision of the President of the Central Bank of Armenia dated December 9, 2020, and appropriate orders have been issued.

For inquiries and clarifications, the Company’s customers may contact Finca UWC LLC by sending a corresponding message to the address [email protected] or by calling the Company's hotline at 012 555 555,” the statement concludes.