Russian Federation Financial Sector Assessment Program : Financial Inclusion
The overall state of financial inclusion in Russia is relatively advanced along certain basic metrics. The number of adults with accounts at a financial institution stands at 67.4 percent, which compares well to the Europe and Central Asia (ECA) re...
| Main Authors: | , |
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| Format: | Report |
| Language: | English en_US |
| Published: |
World Bank, Washington, DC
2016
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| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/2016/08/26739042/russian-federation-financial-sector-assessment-program-technical-note-financial-inclusion http://hdl.handle.net/10986/25068 |
| Summary: | The overall state of financial inclusion
in Russia is relatively advanced along certain basic
metrics. The number of adults with accounts at a financial
institution stands at 67.4 percent, which compares well to
the Europe and Central Asia (ECA) regional average of 51.4
percent. Account penetration has increased by nearly 20
percentage points since 201l, with increases experienced
across all segments of the population, including for the
poorest 40 percent and for women.1 Russia also has a large
number of regulated financial institutions and enjoys 36.98
branches per 100,000 adults, higher than for the United
States (32.39) and China (24.03). In addition, usage of
accounts and other financial services remains low among the
underserved, as does the available range and quality of
financial products and services. The main mode for retail
payments is still via cash; while underserved individuals
may own accounts, many consumers withdraw the full amount
they receive from regular government payments or salaries.
Most credit and deposit-taking activity still occurs among
the middle-high income segments of the population, and there
appear to be gaps in terms of both the availability and
usage of appropriate savings products for the underserved.
The microcredit products that are available to the
underserved are of poor quality. There are low levels of
trust in the formal financial sector among the Russian
population, in particular for microfinance institutions (MFIs). |
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