ZAIM Credit Systems yet to note any material business impacts from coronavirus

Home UK ZAIM Credit Systems yet to note any material business impacts from coronavirus
ZAIM Credit Systems yet to note any material business impacts from coronavirus

ZAIM Credit Systems Plc (LON:ZAIM), a microfinance lender predominantly operating in Moscow, told investors that at present Russia is “relatively less affected by the virus outbreak than most of the other developed countries”.

Russias response to the pandemic presently includes travel restrictions, social distancing initiatives, and a holiday week from 30 March to 5 April (potentially extendable) and the closure of non-essential businesses.

The company noted that its lending business, Zaim-Express, is not impacted by Russias closure of non-essential business and that the microfinance sector is deemed to be critically important in meeting the needs of the Russian population.

READ: ZAIM Credit Systems on track as credit scoring improves[hhmc]

In a statement, ZAIM detailed measures it has taken in its physical sites – to enable social distancing plus protective initiatives (using hand sanitizers, medical masks and more frequent cleaning of the customer zone). Additionally, it has developed its online and phone-based services.

Commenting on the business performance, the company said: “Zaim has yet to notice any material adverse impact from the aforementioned situation, however it is too early to be in a position to reliably predict the impact on the months ahead. “

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