About the RMC

The Russian Microfinance Center (RMC) was established in July 2002 in response to the need for an organization which represents and advocates for the interests of the entire microfinance community.

While expanding economic opportunities for the low-income households in Russia for poverty alleviation purposes through the development of private businesses and supporting entrepreneurial initiatives, the RMC is actively engaged with charity associated with the enhancement of standards of living in our country.

Our longstanding efforts have received the support of such international recognized charity and development agencies such as United Way International, Citigroup Foundation, the Consultative Group to Assist the Poor, United Nations Development Programme, the World Bank, CAF-Russia and others. In cooperation with them the RMC delivers annual charitable award "Russian Microentrepreneurship Contest" as well as manages scholarship fund for Russian MFIs and low-income households and also implements training programs on financial literacy for aforementioned target group.

In the framework of its charitable activities the RMC is closely cooperating with the UN Advisers Institute on microfinance development which contributes to the integration of the Russian microfinance industry and MSEs into the formal sector of economy.

The RMC’s mission is to promote a strong and sustainable microfinance sector in the Russian Federation, facilitate access to financial resources for SME and low-income people, create jobs and improve living standards of the poor.

RMC serves as a resource center for Russia’s microfinance industry and a national forum for its interaction with the government, public, and investors; it advocates for an enabling legal environment for microfinance; offers training and professional consulting services to microfinance institutions, and promotes national microfinance standards.

RMC sees its role in promoting the development of the entire Russian microfinance market and consequently, all types of microfinance providers. The Center achieves this by working in four main areas:

• improve the legal and regulatory environment, taking into account the needs of all legally established forms of microlending;
• develop the industry support infrastructure to facilitate training, promotion of effective methodologies, and involvement of institutions in the sphere of microfinance;
• develop national microfinance standards and promote transparency and investment attractiveness of the industry;
• facilitate information exchange to create a shared information space for microfinance in Russia; organize National and International Microfinance Conferences;
• promote social and economic development by supporting microfinance programs in the regions.

The RMC’s key partners include bank associations (the Association of Russian Banks, the “Russia” Association of Regional Banks), credit cooperative associations (the National Union of Organizations for Mutual Financial Assistance, the League of Credit Unions), business associations (the Russian Chamber of Commerce and Industry, OPORA Russia), and academia (the Higher School of Economics, the Academy of National Economy under the RF Government, the Academy for Management and Market). As of the early 2007, the RMC served a total of about 400 banks and non-bank microfinance providers.

The Center actively engages with international organizations which share the RMC's strategic focus on microfinance as a development priority. These include CGAP, SEEP, USAID, Citigroup, DAI Int., the World Bank, EBRD, the European Union, Barrick Gold Mining, the European Microfinance Network (EMN), MFC, and many other key strategic partners.

The RMC Supervisory Board currently includes representatives of 22 major Russian microfinance institutions and their networks (associations), with a combined total loan portfolio of USD 170 million and about 120 thousand active customers.