Financial Inclusion in Russia by National Agency for Financial Studies - HTML preview

FOOTNOTE:

1 Interview with CGAP CEO Tilman Ehrbeck, December 2012. http://www.cgap.org/news/momentum-behind-financial-inclusion-says-ehrbeck

2 President Putin’s address to the State Council. November 2007.

3 The World Bank Global Findex Database. 2011. http://datatopics.worldbank.org/g20fidata/country/russian-federation

4 The summary of the study findings is adapted from a blog post by Olga Tomilova for the CGAP Blog. January 2013. http://www.cgap.org/blog/how-much-do-financial-inclusion-indicators-say-about-russia

5 While some data on the supply-side are presented to put the findings into a broader context, detailed assessment of the supply side was outside the scope of the current research.

6 See List of Federal Districts, Decree of the President of the Russian Federation No. 849 “On Authorized Representatives of the President of the Russian Federation in Federal Districts,” 13 May 2000.

7 http://cbr.ru/statistics/print.aspx?file=bank_system/inform_14.htm&pid=pdko_sub&sid=inr_licko

8 http://fas.imf.org/

9 See http://www.banki.ru/banks/ratings/ (based on Central Bank data, June 2014).

10 http://rating.rbc.ru/article.shtml?2013/02/28/33894787

11 Federal Law No. 177-FZ “On Insuring Deposits of Natural Persons in the Banks of the Russian Federation,” 23 December 2003.

12 The research did not cover money transfer and remittance services, and as such, providers of these services are not included in this overview.

13 http://www.russianpost.ru/rp/servise/ru/home

14 The State Register of Microfinance Organizations: http://www.fcsm.ru/ru/contributors/microfinance_org/state_register_microfinance_org/

15 Microfinance Market Development: A Roadmap for 2013–2017. Presentation of Mikhail Mamuta at the RMC XII National Conference on Microfinance and Financial Inclusion, November 2013.

16 The Central Bank requires separate reports on microloans in amounts of up to RUB 45,000 (US$1,250) with a term of up to two months. These characteristics are used as proxies to defining “payday lending.” See Information Letter of the Federal Financial Market Service of Russia “On Explanations About Filling in Documents by Microfinance Organizations, Containing Reports on Microfinance Activity and Personnel of Management Bodies of a Microfinance Organization,” 14 June 2012.

17 Some of them are owned by foreign companies that have a long experience of payday lending in other markets such as the United States and the United Kingdom.

18 There are Central Bank estimates that payday loans represent about 15 percent of the total outstanding microloan portfolio.

19 Per amendments to the Law “On Microfinance Activity and Microfinance Organizations.”

20 http://cbr.ru/sbrfr/?PrtId=insurance_industry

21 http://ins.1prime.ru/news/0/%7BA4218021-059E-47BF-BDE8-6CA1378686BC%7D.uif

22 Per Federal Law No. 161-FZ of 27 June 2011, “On the National Payment System.”

23 http://www.cbr.ru/today/print.aspx?file=/today/payment_system/oper_zip/operator_list.html&pid=oper_zip&sid=ITM_41091

24 http://cbr.ru/sbrfr/?PrtId=polled_investment

25 http://grow-rich.su/top-10-pif-rossii/

26 Federal Law No. 251-FZ of 23 July 2013, “On Amending Certain Legal Acts of the Russian Federation in Connection with the Transfer of Authority on the Regulation, Control and Supervision in the Sphere of Financial Markets to the Central Bank of the Russian Federation.”

27 NAficalculations based on data from the Central Bank of the Russian Federation and the European Central Bank.

28 http://www.interfax.ru/business/239232

29 http://www.gsma.com/newsroom/gsma-announces-new-global-research-that-highlights-significant-growth-opportunity-for-the-mobile-industry/

30 http://bit.ly/1qGCbcj

31 http://www.gazeta.ru/business/2013/10/02/5678441.shtml

32 http://cbr.ru/statistics/UDStat.aspx?TblID=302-21&pid=sors&sid=ITM_30761

33 See, for example CGAP publications on the topic: http://www.cgap.org/site-search/Branchless%20Banking?pa ge=2&f[0]=type%3Apublication

34 There is earlier NAfiresearch available on preferred delivery channels, but the data are not comparable.

35 Note that all of these are cash-in services; cash-out services are allowed in Russia only through banks (including bank-owned ATMs) and thus have not been covered in the survey.

36 Russian Public Opinion Research Center: http://wciom.ru/index.php?id=459&uid=114844

37 http://www.edelman.com/insights/intellectual-property/trust-2013/trust-across-sectors/trustin-financial-services/

38 For the purposes of this research, credit cooperatives have not been included in a separate category; together with MFOs, they are commonly referred to as “microfinance institutions” as both provide microloans. According to earlier NAfiresearch, only 12 percent of Russians knew about credit cooperatives in 2013. See NAfi(2013).

39 A mandatory cooling-off period on consumer loans introduced by the Law “On Consumer Credit (Loan)” became eff ective on 1 July 2014; at the time of the research it was offered by only some providers.

40 Among the top 10 banks in Russia by net asset size, the top six are banks with state ownership, with Sberbank being the largest. See http://www.banki.ru/banks/ratings/ (based on Central Bank data, June 2014).

41 This opinion was most typical of MFOs — providers of payday loans (Section 1.1), which are characterized by high delinquency and default rates and therefore have difficulties accessing bank loans.

42 Adapted by the Omsk State Technical University, see https://sites.google.com/site/konfep/Home/1-sekcia/semenov.