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Microfinance Market: 2021 Outcome and Development Prospects

Sergey A. Zubov – Senior Researcher of the Russian Presidential Academy of National Economy and Public Administration, Сandidate of Economic Sciences, Associate Professor (Moscow, Russia). Е-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

In 2021, stabilization of the macroeconomic situation generated a growth of both the microfinance market and the performance of microfinance institutions. However, the high level of the households’ credit indebtedness and the aggravation of geopolitical risks in 2022 forced the Bank of Russia to draft further restrictions on the limit of the credit total cost and the amount of indebtedness. New restrictions will encourage microfinance institutions to carry out a more careful selection of clients and develop long-term financing instruments.

Key words: microfinance market, microfinance organizations, MFO credit rates, restrictions on the MFO market.

JEL-codes: G01, G14, G21, G28.