PROSPECTS FOR THE DEVELOPMENT OF MICROFINANCE ORGANIZATIONS IN UKRAINE

Microfinance organizations (MFIs) are a popular option for both consumers and entrepreneurs in Ukraine, offering quick microloans to people in need [1]. There are many microfinance organizations operating in the Ukrainian market, both newly registered and those that have been around for years [1; 2]. These microloans are typically short-term and are ranked based on key criteria, which can help borrowers find the best option available to them [1; 2]. It is worth noting that it is difficult to control the quality of services provided by MFIs in Ukraine, so it is extremely important for a borrower to choose an honest, reliable and trusted lender to avoid fraud or unfair conditions [1]. The lending scheme of MFIs in Ukraine is quite simple: loans are granted for up to UAH 15 thousand, with classic repayment terms and interest on the remaining amount [1]. Currently, there are more than a hundred MFIs operating in Ukraine, as well as 971 financial companies, 288 pawnshops, 311 credit unions, and 146 leasing companies in the non-banking market of Ukraine. Despite the vast opportunities available to borrowers, it is important to pay attention to a rating that contains reliable data and an objective assessment of their activities [1]. In addition, leading MFIs with a proven track record are considered reliable credit partners and are available 24 hours a day [1]. In general, microfinance organizations continue to exist and will remain an important option for those who need quick access to small amounts of money in Ukraine in the future [1].