Russian Financial Sector Update
Bank of Russia FINANCIAL SECTOR OVERVIEW
The Central Bank of the Russian Federation
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MICROFINANCE
Microfinance is a vital part of financial system complementing banks to provide better financial inclusion
MFIS
✓ Microfinance organizations
(MFOS)
✓ Consumer credit cooperatives
✓ Credit Housing communities
✓
Pawnbrokers
✓ Agricultural credit
cooperatives
Microfinance institutions (MFIs) provide financial services for
customers with no access to banking products, service regions
with an insufficient bank presence, offer financial products missing
from bank product lines, boost financial awareness and help
clients build their credit histories.
CBR keeps a state register of MFIs and supervises MFIs directly and
via SROs. Currently there are about 15 600 MFI companies.
Roughly 25% of the entire MFO microloan portfolio are microloans
to small to medium enterprises (bearing 8% interest rate thanks to
state support via MFOs).
Payday Loans, i.e. small, short-term unsecured loans (up to RUB
30k for 30 days) at high rates, are not a development priority and
account for some 20% of the entire MFO microloan portfolio.View entire presentation