AVO bank was fined for misleading information
Uzbekistan
Bank posted advertisements promising to transfer 250,000 sums to the account of each new client. Competition Commission found that it is not possible to transfer funds directly to customer accounts.
Competition Committee conducted an investigation based on a complaint that AVO Bank (digital bank) was spreading false advertising about its services. This was announced on the official page of the committee.
According to the results of the research, AVO Bank offers bonus points equivalent to one bonus point for each new customer, which the latter can use however they please. The bank also placed an advertisement with the content "AVO is the most convenient mobile bank in Uzbekistan" on its official website. It's said that you may use it to pay for bank services or trade it for cash.
Because of this, advertising material makes use of terms like "Receive 250,000 soums for each new customer," "50,000 soums for each invited person," and "Receive 250,000 soums per account number." However, AVO Bank is aware that these funds cannot be transferred straight to customers' accounts.
Simultaneously, further examination of the promotional material regarding the services offered by AVO Bank that was disseminated via external and mainstream media outlets exposed several flaws. Specifically, the data that was published as an advertising proved to be inaccurate.
Taking this into consideration, it was decided to impose a monetary sanction on AVO Bank for breaking the law's provisions protecting consumer rights and advertising.
According to the results of the research, AVO Bank offers bonus points equivalent to one bonus point for each new customer, which the latter can use however they please. The bank also placed an advertisement with the content "AVO is the most convenient mobile bank in Uzbekistan" on its official website. It's said that you may use it to pay for bank services or trade it for cash.
Because of this, advertising material makes use of terms like "Receive 250,000 soums for each new customer," "50,000 soums for each invited person," and "Receive 250,000 soums per account number." However, AVO Bank is aware that these funds cannot be transferred straight to customers' accounts.
Simultaneously, further examination of the promotional material regarding the services offered by AVO Bank that was disseminated via external and mainstream media outlets exposed several flaws. Specifically, the data that was published as an advertising proved to be inaccurate.
Taking this into consideration, it was decided to impose a monetary sanction on AVO Bank for breaking the law's provisions protecting consumer rights and advertising.
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