The Bank of Russia has outlined its priorities for the Financial Inclusion Programme for 2025-2027. The main objectives are to enhance public financial health and increase the value and utility of financial products. These goals aim to be achieved through the introduction of product governance principles in the financial market.
The regulator plans to continue developing remote services to ensure equal access to financial products and services for all Russian residents. For those unable or unwilling to access services online, it is deemed necessary to maintain financial institutions' offices in remote areas and expand simplified service formats. This includes options like cash withdrawals through cash desks, mobile bank offices, and offering financial services at post offices.
The Bank of Russia emphasizes creating a safe financial environment for people with disabilities, as well as elderly and physically challenged individuals, enabling them to use services both at bank offices and remotely.
Additionally, there are plans to develop SME financing instruments that serve as alternatives to traditional bank lending. This includes facilitating companies' entry into the equity market and crowdfunding initiatives. Key tasks also involve improving risk-based banking regulation for SME lending and developing payment services.
To foster an environment conducive to increasing financial inclusion, the regulator intends to improve consumer protection, enhance cybersecurity and financial literacy, and promote a broader financial culture.
The final version of this document will be approved by the Bank of Russia after completing public consultations and considering received proposals. Comments on the draft are open until October 28, 2024.