First All-Russian Socially Significant Projects in Microfinance Competition Winners Awarded

The First All-Russian Socially Significant Projects in Microfinance Competition awards ceremony took place in Moscow on 3 October 2017.

About one hundred microfinance organisations from across the country entered the competition. Of them, 25 finalists were selected, followed by winners in five nominations. Microfinance organisations from across Russia are involved in a whole range of socially significant projects including charity work, support for foster families, special projects for pensioners, financial literacy for migrants and financial inclusivity in remote regions, as well as small and medium business development programmes. The jury’s special incentive prize of the jury was awarded in the Support and Development of Cultural Heritage nomination.

The competition should lead to other market players adopting best practices’, BoR Governor Deputy Vladimir Chistyukhin noted. ‘This in turn will significantly boost the credibility of microfinance organisations and improve public perception of microfinance services.

The competition was organised by the National Association of Microfinance Market Participants (NAUMIR), the Russian Microfinance Centre, Microfinance and Development - a Union of Microfinance Organisations (self-regulatory organisation), , Edinstvo – a Union of Microfinance Organisations (self-regulatory organisation), and the Microfinance Alliance Union - Small and Medium Business Development Institutes.

The jury, composed of experts in microfinance and financial consumer protection, held a vote to select the award winners.

The competition winners received diplomas and gift certificates for business-to-business services provided by the event organisers and partners.

The Bank of Russia acted as an information and expertise provider for the competition.