The National Bank of Ukraine fined the Technicalfinance microcredit company worth more than 1.2 million. hryvnias for violation of legislation on the protection of consumers of financial services. Among other things, one of the company's programs exceeded the maximum microcredit rate.

This was reported in the National Bank of Ukraine. The financial regulator has found several reasons for such a large fine:.

The National Bank reminded that the legislation establishes clear restrictions on the value of loans, obliges the creditors to transfer information regarding all consumer loans, regardless of their size, at least one of the credit stories bureau, and also prohibits the establishment of a condition on the extension of the loan use in a unilateral loan in a unilateral loan agreement. Therefore, in connection with the financial company, Technicalfinance applied the measure of influence in the form of a fine for a total of 1,233,356 UAH.

The financial regulator recalled that it was excessive interest rates that historically are one of the biggest problems in the field of microcrediting.

Consequently, systematic work is being carried out to transform the microcredit market and the implementation of consumer protection rights of financial services.

This is not the first fine that this microcredit company received. Last year, the NBU collected 35.5 thousand from it. hryvnias for the unlawful receipt of information from credit stories on grounds not provided for by law, misuse of information about credit history, misleading the credit stories bureau regarding the purpose of the request.