Microfinance market continues to cool: 2025 Q3 results
The amount of microloans provided by microfinance organisations in 2025 Q3 declined by 5% QoQ, equalling ₽506 billion.
This is the second quarterly decline this year. However, while the reduction in 2025 Q1 was caused by a seasonal downturn in the business financing sector, 2025 Q3 saw a decrease in the amount of consumer microloans as well.
The cooling was also driven by macroprudential limits aimed at curbing excessive household debt. That said, the quality of microloan portfolios deteriorated somewhat as previously issued unsecured loans matured. The proportion of loans overdue for 90 days or more rose to 31%, which is the highest level over 2025.
Nevertheless, risks of increasing overdue debt will abate owing to the gradual tightening of the rules governing the issuance of the most expensive microloans, as stipulated in the new law.
More details are available in the Review of Key Indicators of Microfinance Institutions for 2025 Q3.