Ukrainians’ microcredit debts increased by 56% since the beginning of the year
27 September 2024 12:12
Ukrainians owe more than UAH 14.5 billion to microfinance institutions (MFIs) as of 1 July 2024. Since the beginning of the year, the debt has increased by UAH 5.23 billion. The average microloan amount increased 1.4 times compared to last year and reached UAH 6776. This was reported by "Komersant Ukrainian" with reference to Opendatabot.
3,945,098 loan agreements totalling UAH 26.7 billion were concluded in the first half of 2024.
The number of agreements during this period increased by only 1.5% compared to the same period in 2023.
It is worth noting that 96% of microloans this year are taken out online.
657 thousand microloan agreements are being concluded per month this year. For comparison, in 2021, this figure was 1.2 million agreements per month, which is 1.8 times higher.
The average loan amount increased by 1.4 times compared to last year to UAH 6776.
Thus, in the first quarter, Ukrainians borrowed an average of UAH 6,875 from MFIs, but in the second quarter the loan amount decreased.
62% of loans are issued for a term of 3 months to a year.
Short-term loans of up to a month account for only 17% of loans. Microloans for 3 years account for 8%.
ukrainians owe UAH 14.53 billion to microfinance organisations this year. Since the beginning of the year, the amount of debt has increased by UAH 5.23 billion.
The total amount of debt increased by 1.5 times in six months. It is worth reminding that in the first year of the full-scale invasion, the debt to MFIs decreased by UAH 4 billion, but in 2023, the debt started to grow again.
More than half of the new debts – namely 66% or UAH 3.4 billion – were incurred between April and June 2024.
