Regulator fines Mogo €12,750 for ignoring client refund order
Moldova's National Commission for Financial Markets (CNPF) has fined non-bank lender Mogo €12,750 (approx. 250,000 MDL) for failing to enforce a regulatory decision for over a year. The microfinance institution had been ordered to refund all payments collected under unfair contract terms between May 29, 2022, and March 11, 2025.
Regulatory failure leads to sanction
The penalty, imposed on July 17, stems from Mogo's failure to comply with a binding order issued by the CNPF on June 9, 2025.
"The lender was required to review affected credit agreements and reimburse consumers for all payments made, including interest, fees, penalties, late payment charges, and any other fees excluding the principal amount disbursed," the CNPF stated.
Claim process for affected borrowers
The supervisory authority advises consumers who signed credit agreements with Mogo between May 29, 2022, and March 11, 2025, to submit formal claims directly to the lender to request full reimbursement of illegally charged fees.
If a consumer's eligibility is confirmed, the lender is legally obligated to return the funds.
However, the CNPF clarified that refunds will not occur automatically across all issued contracts. Only clients whose agreements contain explicit legal violations will be eligible for compensation. Consumers facing disputes with financial institutions are urged to file formal complaints directly with the CNPF.
Translation by Iurie Tataru
