Institutions providing microfinance services in Russia include formal institutions (banks, non-bank credit institutions, credit cooperatives and state/municipal development funds) and semi-formal institutions (which take several organizational forms and play a major role in the industry). Banks and non-bank credit institutions are regulated by the Central Bank of the Russian Federation. Credit cooperatives are not regulated at the federal level; however, states may regulate credit cooperatives through state-specific laws. Finally, several state and municipal small and medium enterprise support funds exist and are regulated by state, regional, and federal governments. Microfinance organizations are governed by a legal framework adopted in July 2010, under which the Ministry of Finance issued prudential regulations for microfinance organizations and the Federal Service for Financial Markets (FSFM) established and maintains a federal register of microfinance organizations. The FSFM also maintains federal registers of other relevant entities, including consumer credit providers and credit bureaus.


01 October 2014
This report follows up on a 2012 CGAP Financial Inclusion Landscaping study in Russia on the need for comprehensive and detailed data on financial inclusion—and exclusion—in Russia.
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English (134 pages) | Russian (156 pages)
31 January 2013
This Landscaping Report on the state of financial inclusion in Russia is based on CGAP’s research conducted during April – September 2012.
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English (66 pages) | Russian (66 pages)

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22 March 2013
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Russian cash terminals
21 March 2013
The payments sector in Russia has over recent years been at the forefront of innovation. The hope is that new developments will lead to an easily accessible and interoperable payment system that combines the advantages of various channels.