BC Allowed some MFI Clients to Leave for the Shadow Sector Due to Biometrics

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The introduction of mandatory biometric identification of borrowers of micro-financial organizations could trigger the growth of the shadow credit market, said the director of the non-bank lending department of the CEC, Ilya Kochetkov. Kochetkov, at the XXIII International Banking Forum, specified that the Bank of Russia was projecting the possible departure of clients of micro-financial organizations into the shadow sector because of the new re…