Financial Inclusion in Russia: The Demand-Side Perspective

The G20 Financial Inclusion Indicators suggest that financial inclusion should be measured in three dimensions: (i) access to financial services, (ii) usage of financial services, and (iii) quality of products and service delivery. To form a comprehensive view, the G20 Financial Inclusion Indicators include both supply-side and demand-side data. In addition, they provide further insight into access and usage aspects by including indicators on emerging branchless delivery channels such as mobile banking.

In 2012, CGAP conducted a Financial Inclusion Landscaping study in Russia that highlighted the need for comprehensive and detailed data on the picture of financial inclusion — and exclusion — in Russia, to better understand specific profiles and needs of the unbanked and underbanked, as well as barriers preventing people from accessing and using financial services. The goal of this research, conducted by the National Agency for Financial Studies (NAFI) with support from CGAP and Beyond Philanthropy during April–June 2014, was to fill in some of the information gaps with respect to the demand-side aspects of financial inclusion in Russia. The key findings and conclusions of the research, organized around the three dimensions of the G20 Financial Inclusion Indicators, are presented in this paper.