Bank of Russia, Yakutia sign agreement on cooperation in promoting financial inclusion

The parties to the agreement are set to implement measures to increase financial inclusion in hard-to-reach and underpopulated areas of the Republic of Sakha (Yakutia), encourage the population to use remote identification, expand financial services infrastructure, and introduce new technologies for their delivery.

Moreover, the parties are set to render assistance to small- and medium-sized enterprises (SMEs) with the aim of developing the information infrastructure, raising the efficiency of SME support programmes, and incentivising financial institutions to provide services to SMEs.

The Bank of Russia and the government of the Republic of Sakha (Yakutia) have plans to hold joint financial education events for the population and develop special financial products and services for vulnerable social groups.  

The agreement was concluded as part of implementing the Financial Inclusion Strategy of the Russian Federation for the period of 2018-2020. The document was signed by Sergey Shvetsov, First Deputy Governor of the Bank of Russia, and Aisen Nikolaev, Head of the Republic of Sakha (Yakutia).

In his speech Sergey Shvetsov emphasised the important role of financial technologies in increasing financial inclusion in hard-to-reach areas: ‘Irrespective of whether there is a financial institution office in a town or village or not, people should have online access to financial services available to the whole country and we will assist Yakutia in reaching every financial institution through digital channels’. He also noted the need to raise financial literacy to make new technologies safe for citizens.