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Changes Of Microfinance Market
November 12, 2016 17:34


The Bank of Russia has changed the status of one of the existing microfinance institutions from a micro-credit to a micro-finance company (MFC) for the first time. This was said in the regulator’s statement.

Micro-finance companies can issue bonds, attract money from the citizens in the amount beginning from 1.5 million roubles, as well as to give to one borrower consumer loans in the amount of up to one million roubles, as the report says.

Micro-credit companies (MCC) are permitted to issue consumer loans to one borrower for a total amount not exceeding 500 thousand and are prohibited to attract loans from the citizens not from among their founders.

According to the Head of the Main Directorate of the Microfinance Market and Financial Inclusion Methodology of the Central Bank Ilya Kochetkov, the changes have been introduced in order to implement the concept of proportional regulation of the microfinance market. All micro-finance institutions with the details contained in the public register on that date were recognized as MCCs and were obliged to bring their names in line with the requirements of the law until March 29, 2017, as the CB noted. The status of microfinance companies may be received by the organizations that own capital in the amount of not less than 70 million roubles and have submitted the documents necessary for the MFC status to the Bank of Russia.


Author: Anna Dorozhkina


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