MFIs are looking for new income – Newspaper Kommersant No. 33 (7478) of 27.02.
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In January, 2.18 million payday loans (PDL) were issued, the lowest number since 2021. This year, it is not worth waiting for an increase in issuance, market participants agree in their assessments. But it is possible that new or additional products will appear, because in the face of regulatory tightening, players will look for alternative ways to monetize.
In January 2023, an anti-record was set for issuing PDL loans (up to 30,000 rubles for up to 30 days), according to data from the National Bureau of Credit Histories (NBKI). During the month, 2.18 million payday loans were provided. Even in March 2022, which accounted for the largest drop in disbursements across all consumer lending segments, the number of PDLs was higher at 2.48 million loans. The indicator has been holding at its minimum values for the second month already, in December, the traditionally high season, only 2.19 million loans were issued.
“The period of active growth has ended in the microloan segment. This is facilitated, on the one hand, by the regulatory policy of the Central Bank (see “Kommersant” dated February 8), on the other hand, a change in the financial behavior of citizens from active consumption to a savings model,” explains Alexey Volkov, Marketing Director of the NBKI. In the spring of 2022, the demand for debt financing increased amid impulsive purchases to protect against the depreciation of the ruble and restrictions (food, hygiene products, appliances and electronics), but now the negative dynamics of real income plays a key role, confirms Ivan, Director of Banking Ratings at Expert RA Uklein.
Companies surveyed agree that the industry will have to look for new ways to increase business margins.
The reconfiguration of scoring in connection with the macroprudential limits introduced by the Central Bank led to a decrease in the volume of loans by 4%, confirms Ion Boloboshencu, Risk Director at Eqvanta Group. “With the daily rate cut to 0.8% effective July 1st, players will once again lower approval levels in an effort to rationalize their spending. This will affect both the volume and the number of loans issued,” says Roman Makarov, CEO of the IFC Zaimer. “And given the difficult macroeconomic situation, the available limits, even for reliable clients, will be very limited, and the terms of the contracts will be cut.”
“MFIs will strive to find new sources of customer search, as well as retain existing ones, offering them various products for any life situation,” Mr. Markov believes. BNPL and POS loans, as well as virtual credit cards with a prepaid limit, will begin to develop more actively, he suggests. But the emergence of qualitatively new products in the field of microcredit is doubtful, says Marat Abbyasov, commercial director of MigCredit.
Against the backdrop of a decrease in the marginality of the microfinance business from July 1, 2023, when the rate of 0.8% per day comes into effect, new sources of non-credit earnings and monetization of their client bases by large companies may well arise, Mr. Abbyasov admits.
If a company has 1 million loyal customers, you can figure out how to monetize them by collaborating with partners. The second way is to shift part of the commission that MFIs have historically assumed in the fight for clients to the borrowers themselves, for example, the introduction of a fee for SMS informing, he explains.
“Rather, there will be new products in which MFIs can become intermediaries and receive commission income. But this is possible only within the current practices of the Bank of Russia to combat misselling – the sale of one financial product under the guise of another. In fact, there are not so many options,” notes the general director of the IFC “Honest Word”. Andrey Petkov.
However, the new restrictions are not restrictive, emphasizes Mark Savichenko, chief analyst at Ivolga Capital, that MFIs have been preparing for new rules for a long time, reconfiguring business models and conducting stress tests, he points out. In addition, Andrey Ponomarev, CEO of the Webbankir online financial platform, clarifies that macroprudential limits take into account loans and borrowings in excess of 10 thousand rubles, and smaller amounts are approved for clients with high PTI.
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