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Research & Publications

The Russian Microfinance Center produces a range of publications intended to disseminate information about the current state of the microfinance sector in Russia, to share details about best practices among MFIs, to update microfinance professionals on changes in legislation and regulations affecting microfinance, and to provide information about current activities of the RMC. If you would like to be on the RMC's mailing list, please send us an email to ezakarzhevskaya@rmcenter.ru.


The RMC regularly conducts research on various aspects of microfinance activity in Russia. The RMC is engaged in ongoing research activities, so check back regularly for the latest research in microfinance in Russia.

CONCEPT NOTE Greater Access to Retail Finance: Measures to Promote Microfinance in the Russian Federation 2008 - 2012

The purpose of this Concept Note is to define key areas of building an all-inclusive financial system to improve access to retail finance in the Russian Federation. This Concept Note provides an assessment of current access to retail finance in Russia; identifies client target groups in need of greater access to finance; identifies financial intermediaries to be involved in expanding access to retail finance; provides a summary of recommendations for better policy options and a summary of regulatory measures to be pursued by the government to enable the emergence of needed institutions and technologies in the finance market. In particular, the Concept Note highlights the links between financial inclusion and living standards, thriving entrepreneurship and SME, and other social and economic objectives.

 Concept Note Download >  (PDF, 1.2 Mb)

Notes on Regulation of Branchless Banking in Russia. CGAP, May, 2008

Since November 2006, when President Putin advocated greater financial access for the Russian people in a widely publicized address, a number of government initiatives have begun to take shape indicating the strong interest among Russian policy makers and regulators in taking up this challenge. Branchless banking, or “distance banking”, as it is often called in Russian translation, is seen as a cost-efficient way of achieving the goal of improved financial access – particularly for lower income Russians living in the country’s many vast and sparsely populated areas.

 Concept Note Download >  (PDF, 408 kb)

Non-bank Microfinance Development Trends in Russia 2003-2004.
Analytical Paper

Comprehensive information on the current market situation, operators, structural and quantitative parameters is key to designing effective policies to promote and monitor microfinance programs and to identify potential areas for investment.

This paper contains the findings which will provide all stakeholders, such as government, investors, financial market operators, business associations, and representatives of the academia, with a consolidated qualitative and quantitative overview of the microfinance services market and its dynamics.

It also provides a case-by-case analysis of key microfinance providers and their profiles. The use of a uniform methodology, regardless of the institution's organizational and legal format, status and history, allows us to compare across different types of microfinance providers. These case-by-case data will be useful to potential investors and donors in and outside Russia in choosing their best strategies for investing in the Russian microfinance.

 Complete text of the research Download >  (PDF, 2 896 kb)

Financial Services for Russian Small Business - Market Situation and Perspectives.

This paper describes the small business demand for financial product and mechanisms, in particular, assessment of the scale of the Russian SME sector, of the small business aggregate demand for financing, and of the sources of financing used by various enterprises’ categories. It also contains the description of the supply of financial services to small business and key directions and instruments of development.

 Complete text of the research Download >  (PDF, 259 kb)

The Russian Microfinance Center 2007 Activity Report.

 The Russian Microfinance Center 2007 Activity Report Download >  (PDF, 393 kb)