Microfinance actively developing in Russia – Gadjimurad Gadjiyev

Makhachkala, November 25, 2014. "Microfinance is actively developing in Russia now," head of the Dagestan microfinance fund Gadjimurad Gadjiyev said in an interview with RIA "Dagestan" commenting on the results of the 13th National conference on microfinance and financial inclusion.

Opening the conference, president of the National Partnership of Microfinance Market Participants Alexei Savatiugin noted that every year conferences lose their attendance, rather, the microfinance conference attracts more and more participants. The 13th straight conference in St. Petersburg has attracted a record 540 participants.

The conference discussed MFOs’ problems and successes. The MFOs’ status quo is quite safe. As of January 1, 2014, there were 3,860 microfinance organizations registered, by November 7 they were already 4,385. That’s a 14% net market grow. Relatively good is the situation with the loan portfolio. As of the beginning of 2014, the MFOs’ loan portfolio was about RUB 39 billion, and for the nine months it has added 21% showing RUB 47.2 billion.

Gadjimurad Gadjiyev also stressed that Dagestan fund for microfinancing small and medium-sized enterprises persistently tries to attend various forums and conferences in their line of work to better understand what air the microfinance market is breathing, what challenges it is facing, and what sort of the problems it is solving.