IuteCredit receives an e-money license in Albania 



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IuteCredit Europe’s subsidiary Velox Pay SH.P.K Albania received an e-money license from the Bank of Albania, which enables the company to expand its product offer. IuteCredit customers will be able to make payments, money transfers, receive and send remittances, transfer to an IBAN account, withdraw from the ATMs and perform every transaction via the mobile app.

Akan Ajdini, CEO of IuteCredit Albania: “Receiving the e-money license from the Bank of Albania means that we can start the payment business with Velox, which is a very exciting opportunity for us. We plan to expand the product offer to our customers and continuously improve our customers’ experience.”

Tarmo Sild, CEO of IuteCredit Europe: “This is a part of our strategy of expanding all the services that we offer digitally and on mobile phones. We can create new extraordinary experiences for our Albanian speaking customers and a new revenue stream for IuteCredit.”

IuteCredit customers will have the opportunity to receive their loan directly onto their electronic wallet, the MyIute App. Also, new e-money customers can top up their electronic wallet balance by applying for a loan with IuteCredit. “Our customers will be able to perform peer-to-peer transfers in real-time, pay their loan instalments, utility bills, local taxes, top-up their mobile accounts, transfer money to their bank accounts or even pay for their goods in online shops or at shops using QR and proximity payments,” explained Ajdini.

According to Ajdini, IuteCredit customers can also receive their remittances directly onto their MyIute app with the most competitive pricing. “Our customer will be able to partially use the loan or the created balance for payments or transfers, or partially withdraw at our ATMs,” said Ajdini.

“By adding value to our services, we will encourage the customer to remain within our ecosystem and create a great customer experience of a one-stop-shop service at the commodity of performing all services online, as well as create new revenue streams by generating small transactions in high volume,” added Ajdini.

IuteCredit plans to start offering new services to customers in the spring of 2022, as soon as needed developments and integrations with banks and partners have been finalized.

Velox Pay was founded in 2020, and its 100% shareholder is IuteCredit Europe AS.

IuteCredit – established in 2008 – is a leading European personal finance company. The Group is specialized in consumer loans via its 100% subsidiaries. IuteCredit serves customers currently in Moldova, Albania, North Macedonia, Bulgaria as well as Bosnia and Herzegovina. IuteCredit’s loan products are unsecured consumer loans with maturities between 1 month and 48 months and car-secured loans with maturities up to 72 months. IuteCredit operates its own ATM network which is used via mobile app. The mission of IuteCredit is to create an extraordinary experience in personal finance by exceeding customers’ expectations. www.iutecredit.com