Financial Inclusion Priorities for Russia in 2022–2024 approved
Following a comprehensive discussion with experts, representatives of authorities and academic and public associations, as well as financial market participants, the Bank of Russia has amended the earlier released draft of the Financial Inclusion Priorities for Russia in
Specifically, the section about the use of financial market instruments for improving people’s well-being was revised considerably. The focus was made on new products for low-income people.
The document covers a range of measures aimed at expanding households’ saving capacities and protecting consumers using financial products and services, including at preventing and reducing excessive debt burden.
The improvement of financial inclusion will be mainly driven by the advancement of digital platforms and online service channels along with the preservation of physical infrastructure, especially for people in remote rural areas and for elderly persons not ready to use digital services. In addition to low-income people, the target groups include residents of remote and sparsely populated areas, people with disabilities, elderly and physically challenged persons, as well as small and medium-sized businesses.