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...
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| Format: | Report |
| Language: | English en_US |
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World Bank, Washington, DC
2016
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| 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 |
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okr-10986-250682021-05-25T08:51:28Z Russian Federation Financial Sector Assessment Program : Financial Inclusion World Bank International Monetary Fund access to finance financial inclusion credit infrastructure provider reach retail payments digital finance banking sector microfinance credit cooperatives AML/CFT compliance antimoney laundering consumer protection debt collection 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). 2016-09-13T21:08:22Z 2016-09-13T21:08:22Z 2016-07 Report 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 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank World Bank, Washington, DC Economic & Sector Work Economic & Sector Work :: Financial Sector Assessment Program Europe and Central Asia Russian Federation |
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Digital Repository |
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Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
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World Bank |
| language |
English en_US |
| topic |
access to finance financial inclusion credit infrastructure provider reach retail payments digital finance banking sector microfinance credit cooperatives AML/CFT compliance antimoney laundering consumer protection debt collection |
| spellingShingle |
access to finance financial inclusion credit infrastructure provider reach retail payments digital finance banking sector microfinance credit cooperatives AML/CFT compliance antimoney laundering consumer protection debt collection World Bank International Monetary Fund Russian Federation Financial Sector Assessment Program : Financial Inclusion |
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Europe and Central Asia Russian Federation |
| description |
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). |
| format |
Report |
| author |
World Bank International Monetary Fund |
| author_facet |
World Bank International Monetary Fund |
| author_sort |
World Bank |
| title |
Russian Federation Financial Sector Assessment Program : Financial Inclusion |
| title_short |
Russian Federation Financial Sector Assessment Program : Financial Inclusion |
| title_full |
Russian Federation Financial Sector Assessment Program : Financial Inclusion |
| title_fullStr |
Russian Federation Financial Sector Assessment Program : Financial Inclusion |
| title_full_unstemmed |
Russian Federation Financial Sector Assessment Program : Financial Inclusion |
| title_sort |
russian federation financial sector assessment program : financial inclusion |
| publisher |
World Bank, Washington, DC |
| publishDate |
2016 |
| url |
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 |
| _version_ |
1764458296358469632 |