UAFIC, AUB, and financial companies sign a Memorandum to establish the Consumer Lending Market Association

The initiative brings together non-banking financial companies around common principles of transparency, integrity, and protection of financial services consumers’ rights. The Association is being established as a professional communication platform for expert discussion of regulatory changes, coordination of market positions, and interaction with state authorities, parliament, international partners, and other interested parties.
The Association is being formed without creating a legal entity and will operate in compliance with Ukrainian legislation on the protection of economic competition. Its activities do not involve coordination of competitive behavior among participants but are aimed at developing a mature, structured, and responsible consumer lending market.

Goals and Objectives of the Association

The Memorandum defines the key areas of the Association’s activities, including:

• forming and presenting a consolidated position of non-banking financial institutions regarding draft regulatory changes and requirements, particularly in the field of responsible lending and consumer protection;
• developing voluntary principles and recommendations for ethical and operational conduct, including transparency of lending terms and fair interaction with clients;
• creating a systematic communication platform for interaction with the National Bank of Ukraine, state authorities, international partners, and other stakeholders;
• promoting the sustainable development of the non-banking lending sector, its integration with European regulatory and self-regulation standards, and increasing consumer trust in financial services.

Andriy Dubas, President of the Ukrainian Association of Banks, emphasized that the creation of the Association is a response to market demand and aims to move from declarations to practical coordination and open dialogue:
“Today’s meeting is not a protocol event but a response to financial companies’ request for the creation of a consumer lending market association. We deliberately chose the format of an open round table where all participants are equal, so that this is not merely a formal signing of a memorandum but a space for substantive discussion and exchange of positions.

It is important that communication with the regulator and other stakeholders is professional, consistent, and clear. That is why the Ukrainian Association of Banks is ready to take on the function of forming and developing the Association’s external communication tools, including interaction with the National Bank of Ukraine. We also understand that the creation of the Association is not the end but the beginning of joint work, and the initiative remains open to all market participants who share the principles of responsible and transparent lending.”

Yelyzaveta Ivankevych, Head of Partnerships at UAFIC, highlighted the importance of transparent rules and market consolidation amid EU integration changes:

“For us, it was fundamentally important to create this Association, as we consistently advocate for transparent rules in the market and open dialogue among all participants, including with the regulator. Ahead are significant changes associated with the implementation of European Union requirements, and only through consolidation of efforts can we implement them efficiently and effectively.

I would also like to emphasize that the creation of such an association is important in terms of ensuring equal lending conditions, including for vulnerable groups of the population — particularly veterans. Therefore, this initiative is extremely important to us, and we fully support it.”

Representatives of the financial companies that joined the Memorandum emphasized that the creation of the Association is a practical step towards market consolidation and improving the quality of interaction both among participants themselves and with regulatory authorities. Participants noted the need to establish common standards and a “unified market voice” when discussing regulatory changes, especially in the context of EU integration processes.

A separate emphasis was placed on the fact that such a platform will simplify and accelerate the approval of legislative changes and the subsequent implementation of new requirements in the practical activities of financial companies. Participants also supported the principle of openness of the Association to a broader range of non-banking financial institutions, regardless of their scale, provided they adhere to the principles of responsible lending, transparency, and integrity in working with clients.

Signatories of the Memorandum:

• LLC “AVENTUS UKRAINE”
• LLC “MANIVEO FAST FINANCIAL ASSISTANCE”
• LLC “1 SAFE NECESSARY CREDIT AGENCY”
• LLC “CONSUMER CENTER”
• LLC “LINEURA UKRAINE”
• LLC “UKR CREDIT FINANCE”
• LLC “MILOAN”
• LLC “SELFIE CREDIT”
• LLC “STAR FINANCE GROUP”
• LLC “BIZPOZYKA”
• LLC “SLON CREDIT”
• LLC “OPTIMAL CREDITS”
• LLC “FINANCIAL COMPANY ‘NEW CREDITS’”
• Ukrainian Association of Banks
• Ukrainian Association of FinTech and Innovative Companies
• All-Ukrainian Association of Financial Companies

The initiators and participants of the Memorandum announced that constituent meetings will be held shortly to elect the leadership of the Association Council and determine its priority areas of activity. The Association remains open to new members who share the declared principles and objectives.