Campaign "Do not Become a Victim of Fraud"

Campaign "Do not Become a Victim of Fraud"


Do not become a victim of fraud! - A campaign was launched against the so-called usuries and intermediaries.
Recently, there have been cases when a part of the citizens apply to the so-called intermediaries in order to borrow the desired amount and, as a result, receive a loan at an increased interest rate and disregarding of their rights. Intermediaries promise them a loan from a financial institution against a fee, but in reality they have no influence over the loan approval and issuance process. Therefore, their activities represent often just fraudulent.

Due to the complex social background caused by the pandemic, the number of appeals to the so-called intermediaries and intermediaries has increased, creating even greater scale threats. On the one hand, getting money with this method makes the loan more expensive for customers, and on the other hand, it damages the image, corporate culture, employer positioning and general position of the company in the financial market, through which a particular person presents himself as a mediator.

The practice of frequent referrals to intermediaries poses a serious problem for microfinance organizations, including MBC.
The fraud scheme connected with and established by intermediaries is as follows:

The intermediary or any third party assures the borrower that he / she is a person related to a particular financial institution and offers assistance in return for certain remuneration. In fact, he / she does not have any impact on the lending process. If the customer already satisfies the terms of the loan and the financial institution, in accordance with its procedures, approves and issues the loan, the intermediary represents it as his / her own merit and charges the borrower a certain amount. If the customer does not meet the requirements for obtaining a loan, then he / she cannot get a loan in any case, and the so-called intermediary attributes this situation to a misunderstanding. In fact, the borrower does not need the involvement of an intermediary because the financial institution itself decides whether to give the loan to a particular person based on his or her income and credit history.

The public should be aware that responsible financial institutions do not cooperate with intermediaries. The loan approval and issuance process takes place independently, without the involvement of any third parties.

In the case of a relationship with an intermediary, increases the amount payable by the customer, which in turn increases the risk of non-payment. That is why, in order to promote financial awareness, MBC launched an information campaign to protect the rights of customers.

Eter Chachibaia, COO of MBC:
"Employees of microfinance and banking institutions, including the staff of MBC, provide customers with detailed information about the terms, interest rate and factors affecting it, explain the risks and opportunities that do not occur in the case of relations with so-called usurers. Our mission is, through responsible lending, to create development opportunities for small entrepreneurs and farmers, to promote the financial stability of small businesses, which is completely opposed by the involvement of intermediaries. That is why we decided to launch an appropriate campaign to raise consumer awareness and information within the framework of corporate social responsibility. Various activities are planned within the campaign, in which different organizations and experts will be involved."