ZAIM Credit Systems Plc (LON:ZAIM), a microfinance lender predominantly operating in Moscow, has told investors that at present Russia is “relatively less affected by the virus outbreak than most of the other developed countries”.
Russia’s 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 it’s lending business, Zaim-Express, is not impacted by Russia’s closure of non-essential business and that the microfinance sector is deemed to be critically important in meeting the needs of the Russian population.
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. “
The company said it intends to release its quarterly key performance indicators (KPI) update in April.
“The long-term impact of COVID-19 on the Russian economy remains uncertain,” said Siro Cicconi, ZAIM chief executive.
“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".