Regulation of consumer microfinance in Russia and the experience of developing countries

Vy`sokov Denis Aleksandrovich

The article considers the issue of improving the regulation of microfinance and bank lending in Russia in order to reduce the cost of borrowed funds for consumers of financial services in the retail segment. The article analyzes the world experience in the development of microfinance in the regional context. The study found that the original social concept of microfinance is now largely replaced in the world by the commercial model, and the boundaries between microfinance and banking are blurred. At the same time, artificial barriers to competition between microfinance organizations and banks remain in Russia, which leads to an increase in the cost of loans and contributes to the development of unfair lending practices.

Keywords:microfinance, credit organizations, consumer lending.