Blog

I-SIP Approach Helps Russia Shape Inclusive Financial Policy Making

Find out how Russia's central bank is using the I-SIP approach to promote financial inclusion.
Blog

Reducing Cash Turnover: Challenges In Russia

Despite the government's efforts to introduce cards and reduce cash turnover, Russians are not using cards for financial transactions. Find out why.
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Financial Inclusion and Innovation in Russian Payment Systems

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.
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How Much do Financial Inclusion Indicators Say about Russia?

Despite significant progress, access to financial services is still a huge challenge in remote areas of Russia.
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Interest Rates: What Are the Lessons from Russia on "How Much Is Too Much?"

The situation in Russia and other countries is now leading us to want to revisit each of these factors, “deconstructing” the concept of “sustainable” interest rates and review factors, to see if this process sheds some light on whether any given interest rate can be considered responsible.
Blog

Exorbitant Interest Rates:A Response from the Russian Microfinance Industry

The exorbitant interest rates offered by so-called “microlending” companies (who look much more like payday lenders or garden variety loan sharks) to clients of the Russian Post recently gave rise to a wave of indignation on the part of the public, government, mass media and the responsible microfinance industry.
Blog

Interest Rates on Microloans in Russia: How Much Is Too Much?

Just as the dust settled after a controversial entrance of new players in the Russian microfinance sector about a year ago – those claiming themselves to be ”microfinance organizations” and yet charging 730% interest per annum, another “innovative microfinance” product has totally shocked visitors of the Russian Post, as reflected in a multitude of blogs and in numerous media articles published in recent weeks.
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Powering Remittances Flows between Russia and Tajikistan

It can be concluded the Russia-Tajikistan corridor offers some interesting insights on how one might link financial products to remittance flows, but it also provides insights on the basic challenges accounting for why no significant scale has yet been reached.
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Remittances in Russia and Tajikistan

The potential seems huge to make use of a promising mix of (i) people on both ends of the remittance corridor being in regular contact with banks; (ii) most of the senders and receivers still being unbanked; (iii) the banks having detailed records of remittance clients’ financial flows; and (iv) intense and growing competition among banks, which has led to declining fees for customers to remit money.
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The State of the Branchless Banking Sector

As part of our efforts to promote branchless banking as a way of reducing the cost and expanding the reach of financial services, the Technology Program monitors the uptake of branchless banking around the world.
Blog

Defining Microfinance Creatively in Russia

In August 2010, several internet-based media in Russia, including a number of very popular ones, published information about a company called AktivDen’gi (Active Money).