Featured Essay: RUSSIA

Analysis of access to financial services for low-income Russians and key policy and regulatory issues.

In this essay, Mr. Oleg Ivanov examines access to financial services for low-income Russians. Mr. Ivanov, a Legal Adviser for the Russian State Duma's Committee for Credit Institutions and Financial Markets, looks at the current state of the microfinance market and analyzes how legal and policy changes could affect access to finance. The essay addresses the following topics:

1) Social, Historical, and Economic Background of Microfinance in Russia
2) Landscape of Microfinance Providers and Services
3) Regulation and Supervision of Microfinance
4) Policy Recommendations and Challenges to Implementation of Branchless Banking

Mr. Ivanov emphasizes the need to focus on developing an all-inclusive financial system that caters to the needs of all Russians, with suppliers including not only banks but also other financial service providers. He also emphasizes the critical need for education to combat low levels of financial literacy countrywide.

About the Essays: The Essays on Regulation and Supervision series seeks to complement the country profiles by providing additional insights and perspectives on the experiences of lawyers, microfinance institutions, regulators, donors, and other microfinance stakeholders regarding specific microfinance legal and regulatory environments. A complete list of essays is available here.