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Mikhail Mamuta_Innovative Practices for Industrialized Nations

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Mikhail Mamuta_Innovative Practices for Industrialized Nations

  1. 1. Access to Financial Services in Russia and RMCs Financial Innovations Strategy Mikhail Mamuta Presidentwww.rmcenter.ru | www.rusmicrofinance.ru
  2. 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. 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 inNational 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 agentswww.rmcenter.ru | www.rusmicrofinance.ru
  4. 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. 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-moneywww.rmcenter.ru | www.rusmicrofinance.ru
  6. 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. 7. Main ChallengesThe 2009 financial and economic crisis: less demand for bank transfersand cards in favor of hard cash Lack of skills in MFIs: they need a strong partner - specialist in ​paymentand remittance services, and they also need staff training MFI nightmare: they are mostly afraid of banks... And it makes sensesometimes! Technology upgrade: MFIs need high-speed broadband and bettercomputers Regulatory barriers: still hinder project implementation, but we expect tohave a better policy environmentwww.rmcenter.ru | www.rusmicrofinance.ru
  8. 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

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