The total lending market in Moldova (including banks and NCOs) showed record results by the end of the year. In December 2025, the volume of new loans issued reached 7.8 billion lei.
According to experts, NPOs account for about 15% of the total volume of borrowed funds of the population, while 85% of the needs are covered by the banking sector. At the end of the year, the non-bank lending sector showed an increase of 10-15%.
The loan portfolio of non-bank credit organizations in Moldova at the end of 2025 shows a steady growth, coming close to the mark of 12-13 billion lei, which is confirmed by the data of the National Bank of Moldova.
The growth was ensured mainly due to the increase in the volume of loans granted to individuals, while legal entities in general decreased their demand for non-banking loans last year.
Demand from households for consumer loans and microcredit remained a stable driver of the sector throughout the year. The growth of lending to individuals took place against the background of stabilization of interest rates and adaptation of the population to the current economic conditions.
Despite the growth in volumes, the sector saw some deterioration in portfolio quality. In the second and third quarters of 2025, this indicator for individuals increased more noticeably than for legal entities, reaching an average of 3.1-4.5% across the market, which is below historical highs but requires monitoring by the regulator.
From 2025, the National Bank of Moldova implemented a new conceptual reporting model for NPOs to improve data accuracy and strengthen supervision of credit quality in this segment. The National Commission of Financial Market is also constantly monitoring the protection of the rights of consumers of financial services. Many NPOs that violate the rules for issuing loans have been penalized.
In the non-banking sector, rates are traditionally higher than in the banking sector due to higher risks. The average cost of loans to individuals at NCOs varies from 15% to 40% per annum (DAE – actual cost including commissions), depending on the term and amount.
NCO market regulators (NCFM/NBM) continue to tightly control the marginal cost of loans. NCOs are required to indicate the annual interest rate in large print, and floating rates are prohibited for small loans (up to three average salaries in the economy).
The non-bank lending market in Moldova in 2025 remains highly concentrated. The main players remain companies that actively digitalize their services and compete with banks in the segment of fast loans.
Market leading companies (NBCOs) in 2025:
Microinvest is the sector’s permanent leader in terms of loan portfolio volume. The company holds a significant share of the microfinance market, actively working with both individuals and small businesses.
Iute Credit (Iute Group) is one of the most technologically advanced players, focusing on online lending and mobile applications.
Easy Credit – consistently among the top largest NCOs, specializing in consumer loans for the population.
Sebo Credit is an aggressive player in the segment of short-term loans (“till salary”), widely represented in retail networks.
