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Market News | The Bank of Russia has completed discussion of proposals on promising areas for the development of the microfinance market until 2027
The Bank of Russia has completed its discussion of proposals on promising areas for the development of the microfinance market until 2027.
Most of the participants in the discussion conceptually supported the need to stimulate accessible credit markets for individuals and businesses. They also believe that microfinance organizations (MFOs) should eradicate negative practices that lead to debt overload of individuals.
An open discussion of the Bank of Russia's report on promising areas for the development of the MFI market for 2025-2027 was held with representatives of MFIs, self-regulatory bodies, the scientific and expert community, and State Duma deputies. The regulator received more than 100 requests and questions from market participants.
Following the consultations, the Bank of Russia plans to prioritize the measures proposed in the report to protect citizens. This will introduce the standard of "one loan per hand until repayment" and establish a cooling-off period. The cooling-off period allows an individual to take out a new loan within three days after repaying the previous debt to an MFI. In addition, regulators plan to reduce the overpayment limit on consumer loans from 130% of the debt amount to 100%.
A comprehensive review of laws and regulations will be carried out over three years. When developing the regulation, the Bank of Russia will take into account the proposals and comments received during public consultations.
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