Non-Banking Credit Institutions in Albania

Albanian Savings and Credit Union (ASCU)

Background

Albanian Saving and Credit Union manages its activity that started since 1992 in the framework of the Albanian Development Fund, and latter on by Rural Finance Fund. It was created on the basis of the best experience and successes of these micro credit projects.

Since 1992 the Union has known a successful institutional development, a progressive growth of the activity offering qualitative financial services to thousands of farmers to support them in their activity.

  Since 1992 the Union has known a successful institutional development, a progressive growth of the activity offering qualitative financial services to thousands of farmers supporting them in their activity.

The Albanian Saving and Credit Union was :

• Created by the SCA-s in January 25 th 2002
• Registered in the District Court of Tirana in February 5 th 2002, based on the Law
• for the “Saving and Credit Associations and their Union”,No.8782 dated 3 May 2001.
• Licensed by the Bank of Albania in February 27 th 2002.

In May 2003 it was finalized the Asset Transfer Agreement between RFF and the Union

OUR MISSION

Offering financial services to members of Saving and Credit Associations in the village, with the main focus on the promotion of productive activities, improvement of living standards and the sustainable development of the rural area.

Functions of the union

• Represents, protects and promotes the interests of the SCA-s, members of the Union.
• Coordinates the activity of the SCA-s' network and provides services of common interest.
• Refinances the SCA-s in time and in compliance to their needs.  
• Controls and manages the financial risk of the institution.
• Offers training and support related to the SCA-s functioning to their elected bodies
• Controls the network activity, based on the accounting standards, regulations of the Bank of Albania as well as the respective legislation

Are you interested in?

• Safe Deposing of your savings?
• To get a fast credit and without expenses?

You can take a fast and lo costs credit.

Deposits terms and conditions

Actually the interest rate is 7-9%.

Duration:

The duration is 3 monthly, 6 monthly, 9 monthly and annual

Deposits in the SCA

Network are term deposits.
Loans terms and conditions
Time to obtain a loan: till 15 days after application's day.
Interest rate: 1.25% monthly

Amount:

- rural areas: up to 500 000 leks

- urban areas : up to 1 000 000 leks

Duration : up to 3 years.

Instalment: monthly , 3 monthly, 6 monthly.

SCA issues loans for all economic activities in the country side .

Loan return calculation

The interest calculated on the remain capital.

Example: Loan amount: 200 000 leks

Interest: 1,25% monthly

Duration : 1 year

Settlement : 3 monthly

Settlement: 6-monthly

Settlement: annual

Note! The interest rates according to the durations are:

•   monthly 8.12%
• 3 monthly 9.37%
• 6 monthly 11.25%
• annual 15%

The calculation formula of interest:

Total interest rate / Capital %

For further information contact us :