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Russia’s microfinance market cooling gradually — regulator’s department head

Ilya Kochetkov noted that microfinance companies will be required to identify borrowers using the Unified Biometric System when concluding contracts online starting March 1, 2026

MOSCOW, January 14. /TASS/. Russia’s microfinance market began to cool gradually in 2025, with the Bank of Russia expecting the trend to persist this year, head of the regulator’s non-bank lending department Ilya Kochetkov told TASS.

"We see that the market has already begun preparing for the new regulatory environment. The lending market is cooling gradually. This year we expect this trend to continue," he said.

Microfinance companies will be required to identify borrowers using the Unified Biometric System when concluding contracts online starting March 1, 2026, Kochetkov noted, adding that it could seriously impact the availability of services to citizens.