Ukrainians’ debt on microloans has increased 1.7 times since the beginning of the year

90% of microloans are taken online

4 December 2024

Although Ukrainians are taking out fewer microloans compared to the pre-war period, nearly 6 million loans were issued by microfinance organizations (MFIs) in the first nine months of 2024, amounting to a total of 37.11 billion UAH. The average loan amount has risen 1.3 times compared to the same period last year, reaching 6,190 UAH. Meanwhile, the total debt on microloans has nearly doubled since the start of the year.

Ukrainians took out 5.9 million microloans this year, with the total loan amount reaching 37.11 billion UAH. While the number of loans remained almost unchanged compared to last year, the total loan value increased 1.3 times.

Over the year, the average microloan amount grew by 28%, rising from 4,830 UAH (126 USD) last year to 6,190 UAH (about 150 USD) this year. Notably, compared to 2021, the loan amount in dollar terms has slightly decreased, as Ukrainians then borrowed an average of 168 USD.

An average of 670,000 microloan agreements are signed each month this year, which is the same as last year. For comparison, in 2021, this figure reached 1.2 million per month.

Since the beginning of this year, the total debt of Ukrainians on microloans has increased 1.7 times, rising from 9.3 billion UAH to 16.02 billion UAH.

It is worth noting that 90% of microloans this year were taken online, with the majority of agreements signed for a term of 3 months to 1 year.