The Central Bank of Russia published its MFO Market Trends for the first quarter of 2026, showing that microfinance organisations issued RUB 482 billion of loans in January to March, down 7% from the fourth quarter of 2025. The decline was linked to the requirement to use biometrics for online loan issuance and to stricter approaches to calculating the debt service-to-income ratio. Since the start of 2026, microfinance organisations have not been allowed to use unverified information on borrowers' income. The publication also highlights a product shift ahead of a new limit from 1 October 2026, when individuals will be restricted to two simultaneously outstanding expensive loans with an effective annual interest rate above 200%. In response, firms have increased issuance of microloans with a credit limit, similar to a credit card, as a substitute for traditional products. Limits opened in January to March 2026 typically had terms of three to five years, with an average limit of just over RUB 50,000.
Central Bank of Russia2026-06-10
Central Bank of Russia reports 7% drop in Q1 microfinance lending as stricter online loan rules shift products
The Central Bank of Russia said microfinance organisations issued RUB 482 billion of loans in the first quarter of 2026, down 7% from the previous quarter, as biometric checks for online lending and stricter debt service-to-income calculations took effect. It also pointed to a shift toward credit-limit microloans as firms adapt to the ban on unverified income data and to a two-loan cap on expensive loans from 1 October 2026.