North Macedonia: Market overview

A shifting landscape, fueled by EU accession

Officially known as the Republic of North Macedonia (effectively changing its name on 14 February 2019), the country is an almost 2-million strong Balkan state located in Southeast Europe. While North Macedonia is not a member of the European Union, it started the accession process in 2020, following its acceptance into NATO.1

As a small, landlocked country with highly arable land, agricultural business dominates as a main export. EU member states make up over half the trade volume of North Macedonia’s total imports and exports. In 2022, its most prominent trade partners were Germany, Great Britain, Greece, Serbia, and Bulgaria.2

North Macedonia and the EU’s mutually beneficial relationship is only poised to grow once North Macedonia becomes a member state. In support of North Macedonia’s accession to the EU, financial assistance and support are provided by the EU to boost economic growth and the development of the country.3

A rising finance sector: The emergence of non-bank financial institutions

Taking after the global shift, which is seeing an increase in alternative financing, North Macedonia is seeing an exponential rise in the market share held by non-bank financial institutions with annual growth of 14.1% in 2020. In the same year, the total assets of fintech companies were valued at over €200 million. Since 2015, the number of fintech startups has more than tripled.4

Crowdfunding, peer-to-peer lending, and microfinance are just some alternative investment options that are growing in availability in North Macedonia.5 These alternative investment options are attractive to investors, as they offer the opportunity to diversify their investment portfolio, more control over their investments, and higher returns.

In 2021, the Cambridge Centre for Alternative Finance reported that North Macedonia is one of the emerging economies that has been performing well in the alternative finance sector. Despite its small domestic market, the country has been able to leverage the opportunities provided by alternative finance channels to enhance access to finance.6

A rapidly emerging loan portfolio

In North Macedonia’s alternative lending scene, key players to watch on Mintos are Eleving Group and IuteCredit. Both lending companies have well-established loan portfolios in North Macedonia – at €25 million for IuteCredit and €15 million for Eleving Group.7

Lending activity in the alternative lending sector in North Macedonia has seen significant growth in recent years, with €25 million investments made in Notes and claims on Mintos in 2022 alone. With an increasing number of individuals and businesses looking for alternative sources of funding, the alternative lending market in North Macedonia has the potential to become a key contributor to the country’s economy.

If you’re interested in finding out more about how you can invest with Mintos, explore North Macedonia’s leading lending companies.

1 The World Bank in North Macedonia, The World Bank (Accessed March 2023)

2 External trade, January – December 2022, Republic of North Macedonia State Statistical Office (Accessed March 2023)

3 The European Union and North Macedonia, EEAS (Accessed March 2023)

4 Annual analysis of the non-banking financial sector in North Macedonia, The Alternative Financial Services Association of North Macedonia (Accessed March 2023)

5 Fintech in North Macedonia, CEE Legal Matters (Accessed March 2023)

6 The 2nd Global Alternative Finance Market Benchmarking Report, Cambridge Centre for Alternative Finance (Accessed March 2023)

7 The figures represented refer to the lending company’s loan portfolio on Mintos, minus provisions.


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