MFOs to check bank details for online microloans
From 1 September 2025, microfinance organisations (MFOs) must verify whether the details for transferring an online microloan are actually the details of a borrower. This will help counteract fraudsters who apply for microloans on behalf of unwitting individuals and receive the money.
MFOs will be obliged to check the name, patronymic (if any), and surname (or the first letter of the surname) of the person wishing to raise a microloan against the details of the holder of the bank account or card where the money will be credited. To this end, MFOs will request the information about the account or card holder from the bank. Furthermore, individuals may provide on their own a certified statement about their bank accounts and cards issued by the Federal Tax Service. This will accelerate the disbursement procedure.
MFOs are not required to check the details of the clients who earlier raised two or more microloans within a year before the date of the new application and used the same bank account or card.
If an individual does not plan to raise a microloan in the near future, he/she may set a self-ban on consumer loans or microloans.