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Access to Financial Services in Russia and RMC's
         Financial Innovations Strategy

                             Mikhail Mamuta
                                      President


www.rmcenter.ru | www.rusmicrofinance.ru
RMC Financial Inclusion
                Key Priorities
 Development of microfinance institutions: both MFOs and financial
  cooperatives

 «Banking agents»: delivering a wide range of financial services with
  adequate regulations

 Use of agents in Brazil (120 thousand bank agents in 5000 bank
  offices and branches) and agent regulation in Mexico (5-level risk-
  based approach)

 E-money (as a broadly available method of micropayments and
  remittances)

 A citizen ID card with banking application (ambitious G2P project:
  plans to issue 100 million cards for 4 years).


www.rmcenter.ru | www.rusmicrofinance.ru
Project «Designing an
      innovative model for regulation
          and supervision of bank
                  agents»
   Implemented by the Ministry of Economic Development in collaboration with the
              MOF, the Central Bank and RMC with the AFI’s support


                            Project has resulted in

National Payment System
 Law and amendments
 both to AML/CFT and                                       National research on
                                Number of requested
   Banking Law, which                                     financial inclusion and
                              under-law regulations for
 defined E-money and                                      indicators for financial
                                  Banking Agents
   seriously expanded                                            inclusion
  functional of banking
         agents


www.rmcenter.ru | www.rusmicrofinance.ru
Innovations in Agent
               Banking regulation

 Regulations: a regulatory framework for bank agents to enable agent-
  assisted provision of a maximum range of banking services, including
  remittances and payments without opening a bank account, cash
  deposits, operations with e-money and opening deposit accounts for
  natural persons via agents.

 The right to carry out KYC on behalf of banks for AML/CFT procedures

 Functionality: MFO and credit cooperatives as bank agents
  («Microfinance supermarkets» - convenience and more options for
  customers: microloans, savings, payments and remittances )




www.rmcenter.ru | www.rusmicrofinance.ru
Innovations in E-money
                 regulation


   Supervision: supervisory requirements for e-money operators based
    on the principles of proportional supervision. Establish performance
    standards which explicitly take into account the qualitative
    difference between e-money operators and conventional credit
    institutions, ie limited range and low volume of transactions.

   Functionality: MFI can provide access to e-money and e-payments
    as banking agents. From the other hand, costumers can do a
    microloan’s repayment via mobile phones or internet using e-money




www.rmcenter.ru | www.rusmicrofinance.ru
Just some examples of
                implementation:
 MFI as providers of payment cards (in place: 5 participants)
 Air and train E-tickets projects: MFI can sell E-tickets getting extra
  agent’s fee. Moreover, they can provide microloans to buy E-tickets if
  needed (in place: 10 participants)
 Repayment of microloans via payment terminals and mobile wallets (in
  place: about 20 participants)
 MFI as payments and remittances’ points (designing)
 Micro business use «E-wallets» for settlements with suppliers and
  employee, the same as consumers. This is much cheaper and
  convenient for all the sides rather than regular banking (designing)
 E-wallets filling-in via MFI (designing)
 «On-line»lending: microloans to E-wallets and mobile-wallets (new
  model of microfinance with a huge potential (piloting)

www.rmcenter.ru | www.rusmicrofinance.ru
Main Challenges

The 2009 financial and economic crisis: less demand for bank transfers
and cards in favor of hard cash

 Lack of skills in MFIs: they need a strong partner - specialist in ​payment
and remittance services, and they also need staff training

 MFI nightmare: they are mostly afraid of banks... And it makes sense
sometimes!

 Technology upgrade: MFIs need high-speed broadband and better
computers

 Regulatory barriers: still hinder project implementation, but we expect to
have a better policy environment


www.rmcenter.ru | www.rusmicrofinance.ru
Fund «Russian Microfinance Center»
107031, Moscow, Petrovka str., 15/13, building 5, office 500
            Tel./Fax:                    E-mail:

         +7 (495) 258-87-05,          info@rmcenter.ru
         +7 (495) 258-68-31,
         +7 (495) 258-87-09

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Mikhail Mamuta_Innovative Practices for Industrialized Nations

  • 1. Access to Financial Services in Russia and RMC's Financial Innovations Strategy Mikhail Mamuta President www.rmcenter.ru | www.rusmicrofinance.ru
  • 2. RMC Financial Inclusion Key Priorities  Development of microfinance institutions: both MFOs and financial cooperatives  «Banking agents»: delivering a wide range of financial services with adequate regulations  Use of agents in Brazil (120 thousand bank agents in 5000 bank offices and branches) and agent regulation in Mexico (5-level risk- based approach)  E-money (as a broadly available method of micropayments and remittances)  A citizen ID card with banking application (ambitious G2P project: plans to issue 100 million cards for 4 years). www.rmcenter.ru | www.rusmicrofinance.ru
  • 3. Project «Designing an innovative model for regulation and supervision of bank agents» Implemented by the Ministry of Economic Development in collaboration with the MOF, the Central Bank and RMC with the AFI’s support Project has resulted in National Payment System Law and amendments both to AML/CFT and National research on Number of requested Banking Law, which financial inclusion and under-law regulations for defined E-money and indicators for financial Banking Agents seriously expanded inclusion functional of banking agents www.rmcenter.ru | www.rusmicrofinance.ru
  • 4. Innovations in Agent Banking regulation  Regulations: a regulatory framework for bank agents to enable agent- assisted provision of a maximum range of banking services, including remittances and payments without opening a bank account, cash deposits, operations with e-money and opening deposit accounts for natural persons via agents.  The right to carry out KYC on behalf of banks for AML/CFT procedures  Functionality: MFO and credit cooperatives as bank agents («Microfinance supermarkets» - convenience and more options for customers: microloans, savings, payments and remittances ) www.rmcenter.ru | www.rusmicrofinance.ru
  • 5. Innovations in E-money regulation  Supervision: supervisory requirements for e-money operators based on the principles of proportional supervision. Establish performance standards which explicitly take into account the qualitative difference between e-money operators and conventional credit institutions, ie limited range and low volume of transactions.  Functionality: MFI can provide access to e-money and e-payments as banking agents. From the other hand, costumers can do a microloan’s repayment via mobile phones or internet using e-money www.rmcenter.ru | www.rusmicrofinance.ru
  • 6. Just some examples of implementation:  MFI as providers of payment cards (in place: 5 participants)  Air and train E-tickets projects: MFI can sell E-tickets getting extra agent’s fee. Moreover, they can provide microloans to buy E-tickets if needed (in place: 10 participants)  Repayment of microloans via payment terminals and mobile wallets (in place: about 20 participants)  MFI as payments and remittances’ points (designing)  Micro business use «E-wallets» for settlements with suppliers and employee, the same as consumers. This is much cheaper and convenient for all the sides rather than regular banking (designing)  E-wallets filling-in via MFI (designing)  «On-line»lending: microloans to E-wallets and mobile-wallets (new model of microfinance with a huge potential (piloting) www.rmcenter.ru | www.rusmicrofinance.ru
  • 7. Main Challenges The 2009 financial and economic crisis: less demand for bank transfers and cards in favor of hard cash  Lack of skills in MFIs: they need a strong partner - specialist in ​payment and remittance services, and they also need staff training  MFI nightmare: they are mostly afraid of banks... And it makes sense sometimes!  Technology upgrade: MFIs need high-speed broadband and better computers  Regulatory barriers: still hinder project implementation, but we expect to have a better policy environment www.rmcenter.ru | www.rusmicrofinance.ru
  • 8. Fund «Russian Microfinance Center» 107031, Moscow, Petrovka str., 15/13, building 5, office 500 Tel./Fax: E-mail: +7 (495) 258-87-05, info@rmcenter.ru +7 (495) 258-68-31, +7 (495) 258-87-09