NovaPay has signed the Responsible Lending Memorandum

NovaPay* has joined the Memorandum of Responsible Participants in the Non-Bank Consumer Lending Market, which 18 financial companies have already signed.

The Memorandum covers key issues on which market confidence depends: standards for customer verification and creditworthiness assessment, combating fraud and money laundering schemes, tackling the use of loans for gambling and gambling addiction, and protecting the rights of vulnerable consumer groups: veterans, displaced persons, and people with disabilities.

Specific commitments include using information from state registers and the Diia platform for customer verification, implementing anti-fraud systems, banning manipulative practices in setting interest rates, ensuring transparent financial reporting, and refraining from aggressive tax planning. Participants have also committed to not placing advertisements alongside gambling services and to preventing individuals linked to the aggressor country from taking up management positions in companies.

“The key point is that the market itself has agreed on the basic rules of the game: how to verify customers, how to manage risks, and how to combat fraud. This is a very clear sign of the market’s maturity,” says Bohdan Hryvko, CEO of Novapay Credit. “We support the initiative and view it as an important step towards the development of a transparent, responsible, and technologically advanced financial environment in Ukraine.”

The memorandum remains open to new participants who share its objectives and are committed to upholding the established principles.

* NovaPay Credit LLC