A third of MFI borrowers applied for microcredit for the first time at the peak of quarantine

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In March-June 2020, which was the peak of quarantine measures related to the coronavirus pandemic, 29% of MFI borrowers took out a micro loan for the first time. This is stated in a study by QIWI (available from Izvestia). More than 1,000 Russians participated in the company’s survey, who have become clients of MFOs over the past year.

Most often, loans were issued for the purchase of essential goods, on-lending and repayment of other loans, as well as for medical treatment, the study said. The overwhelming majority of citizens took a lump sum up to 20 thousand rubles.

– During the pandemic, many Russians faced serious economic difficulties, so the growth in applications to microfinance organizations was natural. This is especially true for regions where credit cards are not so widespread, ”Aleksandr Agakov, commercial director of the QIWI group, told Izvestia.

At the same time, according to the latest data from the Central Bank, the microloan portfolio in the II quarter decreased by 3% (to 213 billion rubles). The number of borrowers due to stricter requirements decreased to 11.5 million people.

Read more in the exclusive material of Izvestia:

There was no way out: a third of MFI borrowers took out a loan for the first time in a pandemic

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