The Russian Microfinance Centre (RMC) has become the first organisation to receive a grant from AFI. The knowledge-exchange grant was used to fund a visit by Russian policymakers to Brazil to learn about the country’s novel approach to agent banking.

Currently, around 60 million people in Russia, equivalent to about 40 percent of the population, do not have access to sufficient financial services, largely due to inadequate financial structures in remote regions and a mismatch between service delivery technologies and the needs of specific groups. Branchless banking, including the use of non-bank retail agents, is part of the Russian Government’s strategy to overcome these hurdles.

Supported by a USD27,000 grant from AFI, a high-level delegation from Russia, including the Deputy Minister of Economic Development and seniors representatives from Russia’s banking and microfinance community, visited agent banking facilities in Brazil and discussed practical regulatory issues with leading authorities and government officials in the country, which has pioneered agent banking.

Further information about AFI’s grants can be located in the Grants section of our website.

Further information about The Russian Microfinance Centre (RMC) can be found on their website.