How Corporate Social Responsibility (CSR) strategies develop in Ukraine: the case of the fin-tech company Moneyveo

Previously, companies did not do charitable work on a regular basis. However, 2020 and the COVID-19 pandemic has changed this and the social responsibility of Ukrainian business has increased. There are more organisations that want to be involved in solving urgent global and social problems.

Today, many Ukrainian companies make donations to charitable foundations. They also create and develop CSR programmes and involve their teams in good deeds. The social orientation of business is becoming one of the main trends of the new era.

Our editorial team decided to find out how CSR strategies are being implemented in Ukraine. An example of this is the leader of the non-banking, consumer lending market, the fin-tech company Moneyveo. The organisation is successfully implementing socially significant initiatives; Chief Marketing and Sales Officer for Moneyveo, Maksym Paraska, shared his experience in implementing such programmes in an interview with CIO Views.

Maksym, how long has your company been engaged in CSR projects?

When I started at Moneyveo in 2017, the company had only one-off, point-to-point initiatives. They were not systemic. However, we soon realized the importance of being at the centre of social events. When a company is involved in solving important social problems, it fosters a culture of tolerance and mutual assistance among its employees. And this develops the trend of business responsibility.

Thus, since 2018, Moneyveo has been actively supporting the capital’s Dacha Centre, where young patients of the Cancer Institute live. The company has helped the Centre in the past, but not on an ongoing basis. From that time to the present day, we have been transferring a monthly charitable payment to the institution. Now this money is being used for the construction of a new building for children with cancer to live with their families whilst undergoing treatment. This is our first CSR project.

Why are you actively developing CSR in your company?

When there is a demand in our society, the country or the World at large, business cannot stand by and simply watch. We must be socially responsible, feel our way in new trends, look for the needs of the people and become a driver of change in society.

There will always be areas that need to be maintained and improved. Even in countries with developed economies and high standards of living. Business is able to do this in the best way, it has always been more mobile than the State, and can come to the rescue faster.

To survive in a competitive environment, modern companies must embrace sustainability. Therefore, it is natural for us to respond to the challenges of the time. In addition, we actively involve our employees in social initiatives.

What socially important projects have you managed to implement?

Today, Moneyveo’s CSR strategy focuses on both permanent (educational and social-charitable) projects and topical ones. I have already talked about one of them. The company pays a lot of attention to the area of education. We increase the financial awareness of the population; its digital literacy and we teach students business concepts and entrepreneurship skills. In addition, Moneyveo helps the Ukrainian military on an ongoing basis. Let me tell you more about these initiatives.

In 2015-2016 the company began to help the Ukrainian military and veterans of the hostilities in the Anti-Terrorist Operation (ATO) / Joint Forces Operation (JFO) zone. We work with the world famous American charitable foundation, Revived Soldiers, Ukraine and fund the treatment and recovery of our soldiers. We also supply the Intelligence Centre in Chernihiv region with equipment and office supplies.

We also support the country’s educational initiatives and actively develop our own. Together with the Kyiv-Mohyla Academy, Moneyveo has launched a course of free lectures on Internet marketing. We are part of a Web Design certification programme and with the Kyiv School of Economics, the company’s employees recorded video tutorials on online marketing for ATO / JFO veterans.

Together with the Ministry of Digital Transformation of Ukraine in 2020, we managed to implement two large-scale educational projects. We filmed a series called «Cyber-nannies» about the security of personal data and operations of clients of financial institutions, and recorded video tutorials for entrepreneurs – Transferring Business Processes Online. Our company has also developed and produced educational video lectures to improve the financial literacy of the population. In them, Moneyveo experts introduce the listener to the nuances of non-bank, financial companies, and inform about the consequences of non-payment of loans. At the same time, they teach people a disciplined approach to the obligations of taking out a loan.

What are your plans for the future?

We will definitely continue to develop what we are currently working on today, we will also further our cooperation with our existing partners, and, if new initiatives appear, we will also support them.

Let’s not forget that Moneyveo is a large fin-tech company that has been providing consumer lending services to Ukrainians since 2013, and from 2020 to citizens of Vietnam too. Moneyveo is the market leader in Ukraine for the 8th year in a row. Each year the company receives high scores and awards in prestigious, all-Ukrainian and specialised industry-related ratings. Among them: Country’s Choice, Brand of the Year, Quality Star, Best Online Lending Service (PaySpace Magazine), Best Online Lending Service (Ukrainian People’s Award), Leader of the Year, and others. In July 2021, Moneyveo was included in the Top 25 Best CSR Programmes, organised by the trustworthy, Ukrainian business publication Power of Money.