Iute Group starts offering wallet services in Albania

  • 2023-06-30

TALLINN - Iute Group, a leading European personal finance group, launched wallet services in Albania. The addition of the Albanian market is part of a strategic shift in direction, with the aim of becoming a provider of widely used digital financial services in the Balkans and elsewhere in Europe.

Tarmo Sild, CEO of Iute Group: “This is a big qualitative step for the group. Iute is now part of the monetary system in two countries. Offering payment services in Albania is the next step in the journey, which aims to be the most convenient and fastest modern bank.”

Iute customers now receive their loans directly in their electronic wallet, the MyIute app, and can make instant payments on their smartphones, pay loan installments, and transfer credit from the app to their bank accounts or top up the app via bank account transfer. Customers can also pay for goods in an online or physical store via instant payments or instant lending with QR scans. Future services list includes but is not limited to operating with IutePay cash agents in Albania for cash-in and cash-out from the MyIute app, paying utilities, taxes, internet subscriptions, tickets via MyIute, cash-in from ATM to MyIute, national money transfers and remittances, etc.

According to Akan Ajdin, CEO of IuteCredit Albania, the addition of payment services is a very good opportunity for the company to grow. "Albania is a fierce and fast-moving country, and paying for coffee with the MyIute app will very soon be the new normal," said Ajdini.

IuteCredit Albania received an e-money license from the Central Bank of Albania last year, and now preparations for the new service offering have been completed, and some new services have been launched.

According to Tarmo Sild, the opening of payment services in Albania will allow the company to continue expanding. "We are working to enable cross-border payments as well. Since we are gaining a strong foothold in the Balkan countries, we want to offer fast and convenient payment solutions to those who have moved from the Balkan countries to other European countries and want to send money home," added Sild.

About IuteCredit Group:

Iute Group is a fintech company established in 2008 in Estonia. The Group specializes in consumer finance, payment services, banking, and insurance products. It serves customers in Albania, Bosnia and Herzegovina, Bulgaria, Moldova, and North Macedonia. Iute Group finances its loan portfolios with equity, deposits, and secured bonds on the Regulated Market of the Frankfurt Stock Exchange and the Nasdaq Baltic Main List.