Ukrainians borrowed 427 million hryvnias from Monobank in a single day to purchase Apple products
30 May 13:11
On the very first day of Monobank’s (operating under a license from Universal Bank) special marketing campaign, which offered preferential installment plans for Apple products, the total amount of loans issued exceeded 427 million hryvnia (approximately $10.5 million).
As reported
According to the bank’s co-founder, Oleg Gorokhovsky, the first day of the campaign yielded unexpectedly high results.
“Soon there won’t be any Apple devices left in Ukraine. There are two more days left in the ‘20 installments for Apple’ campaign, and on the first day alone, 427 million was spent,” Gorokhovsky commented.
Representatives of retail chains, speaking on condition of anonymity, confirm
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In particular, shoppers have encountered a shortage of devices at the “Allo” chain of stores.
As a result, the retailer began canceling orders that had already been placed and confirmed.
However, the bank’s aggressive marketing campaign has sparked a polarized reaction among consumers on the official pages of the bank’s top management.
As analyzed by "Komersant Ukrainian", the key topic of discussion on social media was the uneven distribution of limits. According to consumers, many, for unknown reasons, never received the right to participate in the promotion, having run up against a strict risk assessment policy.
This particularly applies to former military personnel who have already transitioned to civilian life.
One of the bank’s clients told "Komersant Ukrainian" that he officially left military service several months ago, but Monobank’s automated algorithms maintain zero credit limits even after several months of official civilian status.
As a result, the former servicemember was unable to take advantage of the promotion’s terms.
Market analysts have repeatedly pointed out that strict banking policies toward demobilized citizens reflect the banking sector’s general caution in assessing the stability of borrowers’ incomes during the transition period.
A second notable trend among customers has been a demand for an expanded range of promotional products.
While requests for installment plans for consumer electronics (TVs) or hobbies (bicycles) are sporadic, there is a significantly higher number of inquiries regarding the availability of such loans for construction tools and preferential financing for the purchase of portable charging stations.
Consumers openly state the need to prepare for the winter season, viewing installment plans as an opportunity to prepare for new prolonged periods of power outages.
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