Kazakh microfinance organizations exceeded loan interest
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Since April 2020, the Agency for Financial Market Regulation and Development has been conducting systematic monitoring of the advertising activities of financial and other organizations interacting with the population for the possibility of fraudulent and other unlawful actions, Kazpravda.kz reports with reference to the press service of the Agency.
By law MFOs are obliged to report the annual effective remuneration rate.
In June of this year, the Agency began monitoring advertising messages of microfinance organizations for the mandatory indication of the annual effective remuneration rate. Thus, some of them received a written warning for failure to indicate the annual effective rate in advertising.
Also, according to the monthly monitoring results, violations were revealed for exceeding the interest limit for microcredit, for inaccurate indication of the annual effective interest rate. Appropriate measures were taken
In June of this year, the Agency did not reveal any violations in the securities market and the insurance market.
Sources of monitoring the advertising activities of financial organizations are: documents and information submitted by financial and other organizations to the agency, including at the request of the agency; applications, documents and information received from individuals and legal entities, state bodies; websites of financial and other organizations; social media Facebook, Twitter, Instagram, VKontakte, Telegram; mobile applications of financial and other organizations; advertising on TV and radio channels, in public transport, periodicals, as well as outdoor advertising.
The monitoring was carried out in Nur-Sultan, Almaty, Shymkent and regional centers of Kazakhstan.