Bank of Russia drafts Priorities of the Financial Inclusion Programme of the Russian Federation for 2025–2027
The priorities for the next three years include improving public financial health and increasing the consumer value and utility of financial products. The said goals are to be achieved by introducing product governance principles in the financial market.
The regulator will continue to develop remote services to provide all Russian residents with equal access to financial products and services.
For consumers who cannot or are not ready to obtain services online for different reasons, it is necessary to retain financial institutions’ offices in remote and sparsely populated areas and expand the simplified service formats, such as cash withdrawals through cash desks, mobile bank offices, and provision of financial services at post offices.
The regulator also believes that it is important to create a safe financial environment for people with disabilities as well as elderly and physically challenged individuals to enable them to use services both at bank offices and remotely.
The Bank of Russia plans to develop and support SME financing instruments that are alternative to bank lending, such as the entry of companies into the equity market and crowdfunding. The key tasks include improving the risk-based banking regulation of SME lending and developing payment services.
To create an environment that would be balanced and conducive for increasing financial inclusion, the regulator plans to simultaneously improve consumer protection, enhance cybersecurity and financial literacy, and develop financial culture.
The Bank of Russia will approve the final version of the document after the public consultation is completed and the proposals received are taken into account. Comments on the draft will be accepted through 28 October 2024.