Issue № 45. August 2014

Microfinance Services Market in the Russian Federation: Prospects and Directions of State Regulation

Graduate student, School of Public Administration, Lomonosov Moscow State University, Moscow, Russian Federation.
E-mail: mbykovets@gmail.com

The article evaluates the role of microfinance in the development of the financial system of the country and increasing the availability of financial services, analyses microfinance services market in Russia and its development trends. The author defines the main factors that determine an increased demand for microfinance services for small and medium-sized businesses and the general public. Based on the analysis of the existing microfinance legislation, the author determines the main problems of microfinance business development, solving which should become one of the priorities of the state regulation and supervision of the microfinance market.

Keywords

Microfinance, microfinance institution (MELs), financial services, financial resources, low-income clients, commercial bank, credit to microenterprises, micro-borrower, governance improvement, financial regulation, portfolio composition, credit policy, financial statement audit, nonbank financial institution.