On loan: over 2 million clients of MFIs may go to illegal creditors
About 2.2 million current clients of microfinance organizations (MFOs) may go to illegal creditors. According to the new law, starting in March 2026, only Russians who have confirmed their biometrics will be able to receive online loans. The Central Bank sees the risks of some customers moving into the shadows. The regulator has proposed changes that will enable MFIs to use commercial biometric systems for authentication, as well as banking services. Whether it is worth simplifying citizens' access to loans is in the Izvestia article.
Why clients of MFIs can go to illegal creditors
Starting from March 1, 2026, microfinance organizations will be required to identify consumers using biometrics when issuing loans. The main purpose of the innovation is to make it impossible for fraudsters to apply for a loan online without a person's knowledge. At the same time, only a small part of the MFIs' clients have been identified through the unified biometric system (UBS).
The number of users who have independently registered data (in person or through an application) is approaching 9 million, the Center for Biometric Technologies (CBT) told Izvestia. This indicator has more than tripled in a year.
If the new identification procedure is introduced without a long transition period and without a massive campaign to expand the biometric circuit, millions of people may be cut off from the legal online loan market, says Ekaterina Kosareva, managing partner of the analytical agency VMT Consult.
Because of this, many may turn to illegal creditors. About 20-30% of current online clients of MFIs will be at risk, said Vladimir Chernov, analyst at Freedom Finance Global. According to his estimates, about half of them are likely to go into the shadows, which will make up about 10-15% of the total base of MFIs, equal to 14.8 million people, that is, about 2.2 million Russians.
A similar figure was mentioned by the executive director of the financial marketplace "I will choose.<url>" Yaroslav Badzhurak. Many borrowers use microloans sporadically and are not ready to undergo additional identification procedures, the fear of leaks, hacking and misuse of personal data remains the main barrier, he said. At the beginning of the new requirement, at least a third of clients will not be able to get a loan, and some of them will most likely turn to illegal creditors, the press service of the SRO MIR told Izvestia.
The segment of illegal lenders is already quite large: it is represented by both unregistered micro-lenders and groups that actually carry out usurious activities, Ekaterina Kosareva noted. Practice shows that it is poor borrowers who have lost access to official sources of financing (those who have been refused by banks) who most often find themselves drawn into debt traps, he said.
The Central Bank called the new requirements a difficult change for the market. In addition, it can have serious social consequences, because there is a risk that a significant part of customers will switch to illegal creditors, the press service of the Bank of Russia told Izvestia. They consider it necessary to amend the law, which will enable MFIs to use commercial biometric systems for authentication, as well as ID banking services. Izvestia sent a request to the Ministry of Internal Affairs and the Ministry of Finance, how they evaluate such a proposal.
The first commercial biometric systems appeared in Russia in 2023. With their help, accredited organizations can provide recognition services both directly to their clients and to other companies. Similar systems were created, for example, by VTB, Sber and the IT company Ovision. Izvestia sent a request to the largest banks to see if they supported the Central Bank's proposal.
How can access to online loans be expanded?
The government does not offer alternative options where millions of people could apply for legal borrowed funds, said Alexey Perederiy, Director of Risk Management and Internal Control at IFC Zaymer. In fact, in a difficult financial situation, they will be forced to go to pawnshops, sell property or turn to shadow creditors, he said.
According to SRO MiR, in the third quarter of 2025, Russians had 22.6 existing contracts with MFIs for the provision of online services.
— The transition to the identification of citizens through biometrics is premature. By March 1, 2026, the EBS database will not be sufficiently filled with data. We see the Central Bank's proposal regarding customer identification by bank ID as a reasonable alternative: more than 100 million Russians have it," said Alexey Perederiy.
Biometrics is still a raw product, and its passage cannot be considered a mandatory process for the microfinance market, says Anna Lagutenko, director of Money at Once.
— In my opinion, it is illogical and unfair to involve the EBS base in saturation only through MFIs. All financial institutions should be involved in the process. Moreover, this is a very expensive and resource—intensive process that MFIs are required to do for their budget," she said.
The more complicated the procedures are and the higher the probability of rejection for clients, the closer their transition to an illegal field is, the expert concluded.
Going into the shadows threatens borrowers with increased overpayments and hidden fees, lack of legal protection and harsh foreclosure practices, added Vladimir Chernov from Freedom Finance Global. At the same time, this may lead to a distortion of statistics for the state, it will be impossible to assess the real debt burden of the population, or to see overheating in time.
In addition, there may be an adjustment in demand for loans from customers, said Olesya Kiselyova, CEO of Lime Credit Group (IFC Lime-Loan). According to her, after the introduction of mandatory biometric identification, the drawdown may amount to about 45-60% (for both new and repeat borrowers), the acute phase will last two to three quarters.
At the same time, when customers see that the system is safe and convenient, the trust barrier will be gradually overcome, she believes. According to her, in order to reduce the potential negative impact, the market and the regulator should conduct extensive educational work and provide explanations about the safety and reliability of a single biometric system.
Loyalty programs that encourage customers to submit biometrics are also important for the accelerated implementation of the identification system, believes Yaroslav Badzhurak from <url>.
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