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Financial Inclusion

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Financial Inclusion CONFIDENTIAL FOR RESTRICTED USE ONLY (NOT FOR USE BY THIRD PARTIES) Public Disclosure Authorized FINANCIAL SECTOR ASSESSMENT PROGRAM RUSSIAN FEDERATION Public Disclosure Authorized TECHNICAL NOTE FINANCIAL INCLUSION JULY 2016 Public Disclosure Authorized This Technical Note was written by Jennifer Chien, Mai Nguyen, Matthias Timm, and Marco Traversa, with research assistance by Marianna Camino. The note was prepared in the context of a joint World Bank/International Monetary Fund Financial Sector Assessment Program mission in the Russian Federation during February-March 2016 led by Aurora Ferrari, World Bank and Karl Habermeier, IMF. The note contains technical analysis and detailed information underpinning the FSAP assessment’s findings and recommendations. Further information on the FSAP program can be found at www.worldbank.org/fsap. THE WORLD BANK GROUP FINANCE AND MARKETS GLOBAL PRACTICE Public Disclosure Authorized TABLE OF CONTENTS I. Executive Summary ................................................................................................................ 1 II. Current State of Financial Inclusion in Russia ....................................................................... 8 Access to Finance for Individuals ........................................................................................... 8 Access to Finance for SMEs.................................................................................................. 12 Credit Infrastructure ............................................................................................................. 13 III. Public and Private Sector Commitment ................................................................................ 14 Financial Inclusion Strategy (FIS) and Coordination Mechanisms ..................................... 15 Institutional Capacity and Commitment ............................................................................... 16 Financial Inclusion Data ...................................................................................................... 19 IV. Provider Reach ...................................................................................................................... 22 Overview of Financial Providers and Physical Reach ......................................................... 22 Retail Payments Infrastructure ............................................................................................. 29 Agent-Based and Technology-Driven Models ...................................................................... 30 Use of Agents ........................................................................................................................ 31 AML/CFT and Identification ................................................................................................. 34 Digital Finance Providers .................................................................................................... 35 V. Provider Diversity and Sustainability ................................................................................... 39 Banking Sector ...................................................................................................................... 39 Microfinance Sector .............................................................................................................. 41 Consumer Credit Cooperatives Sector ................................................................................. 44 Supervision and Self-Regulatory Organizations ................................................................... 46 AML/CFT Compliance .......................................................................................................... 47 VI. Product Range and Appropriateness ..................................................................................... 49 Product Range ...................................................................................................................... 49 Product Appropriateness ...................................................................................................... 50 Level Playing Field ............................................................................................................... 51 VII. Financial Consumer Protection ............................................................................................. 52 Supervisory Framework ........................................................................................................ 52 Legal and Regulatory Framework ........................................................................................ 54 Disclosure and Sales Practices ............................................................................................. 55 Debt Collection Practices ..................................................................................................... 57 Internal and External Dispute Resolution Mechanisms ....................................................... 57 Annex I: Main Components of a National Financial Inclusion Strategy ...................................... 60 Figures Figure 1: Financial inclusion in Russia by demographic and socioeconomic features .................. 8 Figure 2. Financial inclusion in Russia and peer countries by demographic features .................... 9 Figure 3. Debit and Credit Card Ownership (% age 15+) ............................................................ 10 Figure 4: Household deposits in selected emerging economies, % of GDP ................................. 11 Figure 5. Funding Sources for Investment by Firm Size in Russia .............................................. 13 Figure 6. Russia’s Bank Branch and ATMs Network (per 100,000 adults and per 1,000 km2) ... 25 Tables i Table 1. Summary of Main Policy Recommendations ................................................................... 5 Table 2: Usage of different types of products by individuals in selected economies ................... 12 Table 3. Government Policies and Programs by Ministry ............................................................ 18 Table 4: Main Types of Financial Providers in Russia ................................................................. 22 Table 5. Deposits by Type of Current and Savings Account ........................................................ 49 ii ABBREVIATIONS AND ACRONYMS AFI Alliance for Financial Inclusion AML/CFT Anti-Money Laundering/Combating the Financing of Terrorism APR Annual Percentage Rate ARB Association of Russian Banks ATM Automated Teller Machine BCBS Basel Committee on Banking Supervision CBR Central Bank of Russia CCC Consumer Credit Cooperatives CGAP Consultative Group to Assist the Poor CDD Customer Due Diligence CP Consumer Protection CPFL Consumer Protection and Financial Literacy DTI Debt to Income Ratio EDR External Dispute Resolution ECA Europe and Central Asia EIR Effective Interest Rate ES Enterprise Surveys FAS Federal Antimonopoly Service FATF Financial Action Task Force FCP Financial Consumer Protection FFMS Federal Service for Financial Markets FIU Federal Financial Monitoring Service FSAP Financial Sector Assessment Program G20 Group of Twenty G2P Government to Person GDP Gross Domestic Product GPFI Global Partnership for Financial Inclusion ICT Information and Communications Technology IFC International Finance Corporation KYC Know Your Customer KFS Key Facts Statement M&E Monitoring and Evaluating MFI Microfinance Institution MNO Mobile Network Operator MoC Ministry of Communications MoE Ministry of Education MoED Ministry of Economic Development MoF Ministry of Finance MoU Memorandum of Understanding MSMEs Micro, Small, and Medium Enterprises NAFI National Agency for Financial Studies iii NAMMS National Association of Microfinance Stakeholders NBCO Non-Bank Credit Organization NBKI National Bureau of Credit Histories FIS Financial Inclusion Strategy NGO Non-Governmental Organization NPLs Non-Performing Loans OECD Organisation for Economic Cooperation and Development POS Point of Sale PSP Payment Service Provider RMC Russian Microfinance Center SEC Securities and Exchange Commission SME Small and Medium Enterprises SME Bank Russian Small and Medium Entrepreneurship Bank SRO Self-regulatory organization WB World Bank WBG World Bank Group iv I. EXECUTIVE SUMMARY 1. The overall state of financial inclusion in Russia is relatively advanced along certain basic metrics. The number of adults with accounts at a financial institution stands at 67.4 percent, which compares well to the Europe and Central Asia (ECA) regional average of 51.4 percent. Account penetration has increased by nearly 20 percentage points since 201l, with increases experienced across all segments of the population, including for the poorest 40 percent and for women.1 Russia also has a large number of regulated financial institutions and enjoys 36.98 branches per 100,000 adults, higher than for the United States (32.39) and China (24.03).2 2. Despite these improvements, several gaps in financial inclusion remain. Unsurprisingly given its geography and population density, Russia faces a challenge of reaching the “last mile”, those segments of the population that are difficult to reach and serve on a sustainable basis. Physical access to financial services remains centered in major urban areas, and account penetration drops outside of these urban centers, as well as for the low-income and the elderly. 3. In addition, usage of accounts and other financial services remains low among the underserved, as does the
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