As of April 24, the updated basic standards for microfinance organizations (MFIs) come into force in Russia, which, in particular, tighten the rules for verifying the identity and data of borrowers during online issuance. Previously, a photocopy of the passport and a phone number were enough for this.
Now companies must carry out at least three of the ten procedures provided for in the regulations. For example, it will be necessary to verify the validity of the borrower’s passport and the authenticity of the photo it contains, the client’s credit history, and also that it is he who uses the account and the number indicated in the application, reported Izvestia.
Most of the innovations are focused on preventing fraud in the issuance of online loans. Experts believe that as a result, clients will receive more security guarantees and microfinance organizations will reduce costs.
- 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%. Among the main factors limiting growth are limits on the issuance of high-risk loans, new regulatory measures, as well as the socioeconomic situation.
Author:
karina pardaeva
Source: RB
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