YEREVAN, October 1. /ARKA/. The Central Bank of Armenia has issued a warning to the public regarding a company operating on Facebook under the name “My Fin UCO,” which offers lending services without the appropriate regulatory license.
According to the Central Bank’s press service, supervisory monitoring revealed that “My Fin UCO” offers loans—specifically a “One-click” consumer loan of up to 5 million drams at rates starting from 12.5%—to individuals aged 18 to 65.
The regulator reports that the company’s actual business address is 1 Mesrop Mashtots Avenue, Yerevan, where it operates under the name “My Fin.”
“The Central Bank has not issued a license to any company named ‘My Fin UCO’ to conduct any type of financial activity; consequently, this company operates outside the Central Bank’s supervision,” the statement reads.
To prevent fraud and financial losses, the Central Bank of Armenia urged citizens to use the services of financial organizations licensed by the regulator.
