Ural Federal District: Number of MFOs Down 22%

UrBC, Yekaterinburg, August 11, 2017. The number of micro-financing organizations (MFOs) operating in Ural Federal District shrank by 22% against 2014, Sequoia Credit Consolidation’s press service reports.

There are currently 181 such organizations on the Central Bank’s register. The decrease in the number of MFOs was most noticeable in Tyumen Region, including Khanty-Mansiysky and Yamalo-Nenetsky Autonomous Regions (-50%, with 23 active organizations at the moment), followed by Chelyabinsk Region (-20%, 68 active MFOs), Sverdlovsk Region (-15.9%, 74 active MFOs), and Kurgan Region (-11%, 16 active MFOs).

‘The micro-lending market is a gradually growing financing sector with its own customer segment and regulatory practices; it will keep on developing in terms of quality rather than quantity. MFOs will be looking for new ways to reach their customers and will offer them better terms. We expect this market segment to grow 20% in Ural Federal District by the end of the year,’ the press service says.

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