Financial Sector Overview slide image

Financial Sector Overview

Bank of Russia FINANCIAL SECTOR OVERVIEW The Central Bank of the Russian Federation 50 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