IuteCredit expands service offering receiving e-money license in Albania

Value chain expansion with additional scaling potential

Tallinn, Estonia, 4 February 2022. IuteCredit Europe (“ICE”), a leading European personal finance group, has reached a major milestone in its strategic development by expanding its range of services to include e-money payments in Albania. Thereby, Velox Pay SH.P.K Albania (IuteCredit Albania), a wholly-owned subsidiary of IuteCredit Europe, has received approval of an e-money license from the Central Bank of Albania. IuteCredit customers in Albania will be able to make and receive payments and transfers to IBAN accounts, withdraw money from ATMs, and perform other transactions through the MyIute mobile app. As a result, IuteCredit Albania is the first company in the group to commence payment transactions within the scope of applicable regulations of a financial supervisory authority.
IuteCredit customers will enjoy the ability to receive their loans directly to their electronic wallet, the MyIute app, and use it to make e-money payments. This way, IuteCredit customers, can make peer-to-peer transfers in real-time, pay loan installments, utility bills, and local taxes, recharge their mobile account, transfer money to their bank account or even pay for their goods in online stores or in stores with QR and proximity payments.

With the payment function, the MyIute app adds value to e-commerce, point-of-sale, or places where payments were previously unimaginable, solving existing problems for a wide range of market players and opening up opportunities to create new markets. While offering IuteCredit customers a one-stop-shop service that allows all services to be performed online, IuteCredit is thus tapping into new revenue streams that have high scalability potential due to the large number of small transactions.

Tarmo Sild, CEO of IuteCredit Europe: “The launch of the payments business by our Albanian subsidiary with the approval of the Bank of Albania is a milestone in IuteCredit’s strategic business development. Our goal is to continuously expand the product offering we provide to our customers digitally and on mobile, by exceeding customers’ expectations. Starting with our Albanian customers, we offer a new exceptional experience in personal finance with the launch of the payment function in the MyIute app. We not only want to participate in the development of the mobile payment market in our customer countries but also play an active role in its enormous growth.”

IuteCredit plans to offer new services to its customers on a wide scale starting in spring 2022, once the necessary developments and integrations with banks and partners have been completed.