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ZAIM Credit Systems - Business Update – COVID-19 Pandemic

RNS Number : 0454I
ZAIM Credit Systems PLC
30 March 2020
 

Not for release or distribution, directly or indirectly, within, into or in the United States or to or for the account or benefit of persons in the United States, Australia, Canada, Japan or any other jurisdiction where such offer or sale would violate the relevant securities laws of such jurisdiction

 

For Immediate Release

30 March 2020

Zaim Credit Systems Plc

("Zaim" or the "Group")

 

Business Update - COVID-19 Pandemic

 

Zaim Credit Systems plc (the 'Group' or 'Zaim'), the Russian focused fintech group providing inclusive financial services for those consumers who are not well served by mainstream lenders, hereby provides an update on its current business, given the outbreak of the COVID-19 virus and its effect on its business. Zaim operates primarily in Moscow and the Moscow region via its wholly owned subsidiary, Zaim-Express LLC, ('Zaim-Express').

Russia is currently relatively less affected by the virus outbreak than most of the other developed countries. The Russian authorities are taking steps aimed at containing the spread of COVID-19, including travel restrictions with other countries, social distancing initiatives and a holiday week in Russia from 30 March to 5 April, that could be extended further based on the epidemiologic situation. The Russian authorities have also enacted the closure of non-essential businesses in Moscow, where part of Zaim's main operations are focused and announced a set of economic measures and subsidies aimed to help affected business and the population. This does not include Zaim-Express as the microfinance sector is deemed of critical importance in meeting the needs of the Russian population.

Our team is well prepared to continue their work while at the same time ensuring the safety of our employees and clients as a top priority. Zaim had proactively implemented strict health and safety policies specifically tailored to COVID-19, including working from home for our entire head office staff, taking all necessary disinfection measures in our stores, such as using hand sanitizers, medical masks and more frequent cleaning of the customer zone. The clients can enter the shop in compliance with the social distancing prescriptions or one at a time. We are following all the recommendations of local health authorities and the World Health Organisation.

In line with the current official guidance and the rest of the microfinance sector in Russia, Zaim plans to continue operating via its physical stores during the holiday, as it provides a critical service supporting the primary needs of the Russian population.

As part of its recent strategy Zaim has developed convenient online platform, allowing customers to receive and repay the loan via the internet or by phone in less than 10 minutes without leaving their homes, which is an important option in the era of social distancing that is critical for containing the pandemics. We can also deliver our Zaim MasterCard debit card to our clients and provide the loans to these cards.

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. A further update will be made once the impact can be reliably measured.

Zaim expects to be in a position to release its March end quarterly KPI's as expected during April.

Siro Cicconi, CEO commented: "Russia and global economies are currently experiencing uncertainty as a result of the ongoing COVID-19 outbreak. In these trying times, we see the wellbeing of our customers and colleagues as a top priority and I have been very pleased with how we have adapted our business practices to ensure that we continue to safely support our customers. I would like to thank all our colleagues for their hard-work and the way they have risen to this challenge. The long-term impact of COVID-19 on the Russian economy remains uncertain. However, our strong capital and liquidity positions makes us confident in the sustainability of the Company's operations. We are going to continue providing our customers easy and convenient access to affordable financial solutions, which is very important in this volatile environment".

Enquiries:

Zaim Credit Systems Plc

 

Simon Retter

Siro Cicconi

 

Tel: +44 (0) 73 9377 9849

Alex Boreyko

 

Tel: +7 925 708 98 16

[email protected]

 

Beaumont Cornish Limited

 

Roland Cornish / James Biddle

Tel: +44 (0) 20 7628 3396

 

 

Optiva Securities Limited

 

Jeremy King / Vishal Balasingham

Tel: +44 (0) 20 3137 1902

 

 


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Price: 2.26

Market: LSE
Market Cap: £9.88 m
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