In Russia appeared the first microfinance company

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В России появилась первая микрофинансовая компания

The Central Bank of the Russian Federation on Thursday for the first time changed the status of one of the existing microfinance institutions with microcredit to microfinance company (IFC). On Thursday said in a message posted on the regulator’s website.

It is noted that this separation was made possible through amendments to the Federal law “About microfinance performance and microfinance organizations”, which entered into force on 29 March. We are talking about the division of the microfinance institutions in IFC and ICC (microcredit company). All microfinance organizations, details of which are contained in the state register on that date, were recognized by the ICC and are obliged during the year to align its name.

According to the head of the main Department of microfinance market and financial inclusion methodology of the Bank of Russia Ilya Kochetkov, the changes introduced to implement proportionate regulation of the microfinance market.

IFC can issue bonds, raise funds of citizens in the amount of 1.5 million rubles, and also to issue to a single borrower consumer loans in the amount of up to one million rubles. The ICC is allowed to issue to a single borrower consumer loans for a total amount of not more than 500 thousand rubles, and it is forbidden to borrow from citizens who are not their founders.

The status of the microfinance companies to organizations with own capital of not less than 70 million rubles and submitted to the Bank of Russia is required to obtain the status of IFC documents.

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