Since the beginning of 2023, microfinance organizations have become more likely to refuse loans to Russians due to new Central Bank rules. The number of approvals decreased by 10%.

From early 2023, Russians are more likely to be denied microloans

Among the main factors restricting growth are limits on the issuance of high-risk loans, new regulatory measures, as well as the socioeconomic situation, Izvestia writes.

According to the new rules established by the Bank of Russia, from the beginning of 2023, banks can issue to clients with a debt load of more than 80%, no more than 25% of the volume of consumer loans issued. The regulator’s measures are aimed at reducing the debt burden of the population.

To meet the limits, MFIs will have to tighten credit standards, and this may lead to a reduction in the volume of unsecured consumer loans in February-March by between 5% and 10%.

Market participants warned that excessive tightening could lead to the activation of “shadow” creditors.

In 2022, the client base of microfinance institutions increased by 3.1 million borrowers and amounted to 17.3 million people. The growth rate was higher than the 2020 pandemic, but yielded to the 2021 results.


karina pardaeva

Source: RB

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