Published on: 2026-05-13
Source: Central Bank of Russia – Central Bank of Russia –
An important disclaimer is at the bottom of this article.
Microfinance organizations (MFOs) are prohibited from obtaining client consent for additional services on their behalf, including if these are offered not simultaneously with the conclusion of the contract. Such requirements are established innew editionbasic standard for microfinance organizations, approved by the Bank of Russia.
The standard also requires microfinanciers to provide consumers at all stages of additional services with complete information about the service and its provider, the right to refuse the service, and the impact of this on the loan conditions.
Besides, microfinance organizations will not be able to use various visual techniques (color, size, or font type, and so on) to focus consumers’ attention on the most advantageous contract terms while hiding the rest.
Overall, the updated document updates the requirements for MFIs taking into account the provisions of current legislation. Among other things, it clarifies the procedure and deadlines for microfinance organizations to consider consumer appeals, informs about the concluded contracts and their risks, as well as separate requirements for activities in the field of recovery of overdue debts.
The basic standard comes into effect on July 1, 2026.
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Please note; This information is raw content obtained directly from the source of the information. It represents an accurate report of what the source claims, and does not necessarily reflect the position of MIL-OSI or its clients.