Bank of Russia removes information on microcredit company Zanimatelnye Finansy from state register

The Bank of Russia removed information on microcredit company Zanimatelnye Finansy limited liability company (hereinafter, MCC Zanimatelnye Finansy LLC, MCC, microcredit company) from the state register of microfinance organisations (Registration No. 2203045009908).

The Bank of Russia made this decision in accordance with Clause 1 of Part 1.1 of Article 7 and Clause 8 of Part 4 of Article 14 of Federal Law No. 151-FZ,¹ based on the fact that the microcredit company had violated federal laws, including in the sphere of consumer lending, as well as Bank of Russia regulations, due to which the regulator had repeatedly applied supervisory measures to the MCC over the past 12 months.

Over 2024, the Bank of Russia received unreliable reporting data from the MCC. The latter, in particular, understated maximum debt service-to-income (DSTI) ratios for borrowers. Moreover, the MCC issued consumer loans whose interest rates exceeded the maximum allowed level, charged higher fines (penalties) on overdue loans, and practiced the hard-selling of additional services when issuing new loans.

Understated DSTI ratios made it possible for the MCC to issue loans to heavily indebted individuals. The percentage of such loans issued by MCC Zanimatelnye Finansy LLC was among the highest ones in the microfinance market.

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06.02.2025 10.24.00