MFI clients do not return – Newspaper Kommersant No. 230 (7431) dated 12/12/2022
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The share of utilization of approved limits of repeated clients of microfinance institutions (MFIs) in November amounted to 30–80%, reaching a two-year low. This is significantly lower than among new clients. Considering that about 80% of the issuance of MFIs falls precisely on repeat customers and their checks are sometimes twice as high as those of primary ones, a decrease in the utilization of limits can lead to significant losses in the income of market participants.
Repeat clients of MFIs use the approved limits more carefully than primary clients. According to the results of November of this year, the level of utilization reached a two-year low, follows from an MFI survey conducted by Kommersant.
So, in November, new customers chose 78.5% of the limit, in early December – 78.9%, repeat customers – 60.8% and 58.5%, respectively, told Zaimer. In Moneyman, the figure was 45% for new customers and 29% for repeat customers as of November this year. The decline in the indicator for repeat customers since the beginning of the year amounted to 6.5 percentage points, explained Sergey Vesovshchuk, CEO of the company.
A similar trend is observed in the Eqvanta group, although it is less pronounced. In November, repeat customers who borrowed online utilized 83% of the approved limit, up from 87% a year earlier. Utilization of limits by the company’s primary customers is growing: 92% at the beginning of the year and 97% in November.
“Repeated clients demonstrate a more balanced approach to borrowed funds, choosing them strictly according to their needs,” explains Mr. Vesovshchuk. This may explain the downward trend in limit utilization by more financially literate and affluent clients, adds Igor Alekseev, Senior Director for Banking Ratings at Expert RA.
At the same time, the share of primary clients in companies is much lower than that of repeat clients: in those surveyed by Kommersant, the first one fluctuates around 20%. Primary borrowers also have lower average checks, which are decreasing against the backdrop of tougher scoring and crisis phenomena in the market. “At the beginning of the year, the average amount issued by primary clients was 5.2 thousand rubles, and in November the check decreased to 4.75 thousand rubles. Repeat customers in 2022 took an average of 11 thousand rubles,” notes Vsevolod Chernakov, Director of Data Collection and Analysis at Cash-U finance. For new customers, the amount of issue rarely exceeds 5-6 thousand rubles, confirms Andrey Ponomarev, CEO of Webbankir.
The downward trend in checks affected not only the payday loans segment, but also medium-term loans (Instollement). Thus, the size of the average approved check of loans in this category for primary borrowers decreased in November by 12.8%, to 13.87 thousand rubles, this is the minimum value since the beginning of last year, they say in Lime Loym. Although requests, including from primary clients, are growing, Mr. Ponomarev clarifies: the average required loan amount increased by 7.5% during the year.
“The risk of delinquency for new borrowers is significantly higher, which is taken into account in the scoring model: initial applications are approved in about 20% of cases, while repeated applications are approved in more than 90%,” Andrey Ponomarev explains the caution of companies. Thus, according to the NBKI, in October this year, the share of loans overdue by more than 90 days in the total number of active ones was 43.1% (in January – 32.9%).
The policy of curbing approval levels helps to cope with the growth of delinquency in times of crisis, explains Andrey Kleimenov, CEO of Eqvanta. However, he emphasizes, this cannot be a long-term strategy for the market: an increased level of refusals provokes a flow of borrowers to illegal lenders. In such conditions, a decrease in the level of utilization of loans by repeat customers, says Dmitry Afrikanov, CEO of the Unicom ecosystem, leads to a drop in both interest and commission income of MFOs.
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