Provident Financial Romania to launch online consumer loans, insurance

The British group International Personal Finance (IPF), which oiwns Provident Financial Romania, granted loans of over GBP 301 million in Romania, Hungary and Bulgaria last year. This accounted for a growth of 17 percent compared with 2015, the highest growth being in Romania, of 27 percent. This year, Provident plans to sell online consumers loans and insurance products in Romania.

„In 2017 we’ll continue to adapt the products offer to the market’s demands and we plan new products and services, such as online loans and online insurances,” says Viktor Boczan, general director of Provident Financial Romania.

The three subsidiaries registered at the end of 2016 a combined portfolio of 629,000 active clients, more than a half in Romania, where the clients’ growth rate was 4.4 percent higher compared with 2015.

At the same time, the generated revenues of the group’s operations in the three countries went up in 2016, by 2.2 percent, to GBP 177.4 million, while the consolidated gross profit was GBP 36.9 million.

Starting 2016, Provident became the biggest British employer from Romania, with over 3,500 employees, after hiring 2,900 sales representatives. In average, a Provident sales representative had an average net income of RON 2,000, a growth by 65 percent compared with 2015.

Provident offers non-guaranteed loans between RON 500 and 10,000, on a period between 42 and 100 weeks, according to the payment frequency.

The most recent data shows that most of the Romanians who choose the products and services of Provident are women (53 percent), from urban areas (63 percent) and with ages between 35 and 45 years (25.3 percent).