The amount of microcredit in Russia reached 348.1 billion rubles by the end of the third quarter of 2023. This has been reported “News” Regarding the SRO “MiR”, the largest association of microfinance market participants.
The publication announced that the amount was 18.2% more than in the same period last year.
The number of customers of microfinance organizations (MFO) reached 19.9 million people, an increase of 2.7 million compared to the same period of 2022. Experts of the association explained this dynamic by the transition of bank customers to the microfinance segment. Microloans are mostly applied by citizens who are rejected by banks due to their high debt burden.
According to experts, the increase in loan volumes can be considered as citizens’ efforts to maintain their normal lifestyle despite increasing inflation. Banks also began to tighten their approach towards borrowers with high debt burdens. The publication’s sources noted that these factors have pushed some Russians to look for alternative ways to earn money.
The survey was conducted in October showedAlmost 13 percent of Russians with bank loans apply to microfinance institutions. Respondents stated that most (76%) of respondents who applied for a microloan to pay off a debt from a bank did so due to a salary delay or an unforeseen life situation.
Former microfinance institutions bored requirements for debtors.