The overall lending market in Moldova (including banks and non-bank credit institutions) showed record results by the end of the year. According to experts, non-bank institutions account for about 15% of the total volume of loans to the population, while 85% of the demand is covered by the banking sector. At the end of the year, the non-bank lending sector showed growth of 10-15%.
According to the latest reports, at the end of nine months, the loan portfolio of non-banking sector organisations amounted to 17.23 billion lei, which is confirmed by data from the National Bank of Moldova.
The growth was mainly driven by an increase in the volume of loans granted to individuals, while legal entities as a whole reduced their demand for non-bank loans last year.
Demand from the population for consumer loans and microloans remained a stable driver of the sector throughout the year. The growth in lending to individuals took place against the backdrop of stabilising interest rates and the population’s adaptation to 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 increased more significantly for individuals than for legal entities, reaching an average of 3.1–4.5% across the market, which is below historical highs but requires constant monitoring by the regulator.
The National Bank of Moldova is taking measures to improve data accuracy and strengthen credit quality supervision in this segment. The National Commission for the Financial Market also exercises constant control over the protection of the rights of consumers of financial services. Many market operators who violated lending rules were subject to penalties last year.
In the non-banking sector, rates are traditionally higher than in banks due to increased risks. The average cost of loans for individuals varies from 15% to 40% per annum (APR — actual cost including fees), depending on the term and amount.
The Moldovan non-bank lending market will remain highly concentrated in 2025. The main players will continue to be companies that are actively digitising their services and competing with banks in the quick loan segment.
Leading companies in the non-bank lending market in 2025:
- Microinvest — the undisputed leader in the sector 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) — one of the most technologically advanced players, focusing on online lending and mobile applications.
- Easy Credit — consistently ranks among the largest players, specialising in consumer loans for the population.
- Sebo Credit — an aggressive player in the short-term loan segment (‘payday loans’), widely represented in retail chains.
