Entitled “New Decade, New Challenges: Regulation as a Driver of Development”, the Tenth Anniversary National Conference on Microfinance took place in Moscow from November 16-18, 2011.

Leading Russian and international policymakers and regulators with expertise in financial services sector regulation took part in the event including AFI’s Coordinator for the G-20 GPFI.

The conference was devoted to the development of global priorities for creating an all-inclusive financial system in Russia as well as enhancing access to financial services for the next decade, in line with the priorities of the G-20 and the National Action Plan aimed at the implementation thereof.

According to AFI’s Executive Director Alfred Hannig, “Russia is among those nations that has put financial inclusion at the heart of its economic growth plans – with savings as a cornerstone – and is therefore in accordance with these G20 priorities and in a good position to lead by example.”

Key themes discussed included initiatives on improving regulation with the view of the further increase of financial inclusion, aimed at:
• ensuring growth and overcoming imbalances in the development of non-bank financial institutions (credit cooperatives and microfinance organizations);
• using financial innovations (e-money, mobile banking) and quality management of concomitant risks;
• increasing the transparency of microfinance institutions’ activity and consumer protection.
In the ten years that have elapsed since Russia’s inaugural National Conference on Microfinance, the Russian national microfinance system has been created, with financial inclusion progressively assuming a key position on the agenda of professional associations and the government.