Demand for microcredit grew by 50% last year but failed to reach pre-war levels.

Last year, Ukrainians signed more than 8.2 million microcredit contracts for a total amount of ₴40.62B, Opendatabot reports.

“However, it is too early to claim that Ukrainians have become impoverished since the start of the full-scale war. Despite a 50% increase over the year, the number of microloans is still only a little more than half of the volume of 2021,” experts note.

On average, Ukrainians took about 700,000 microloans per month. In 2023, Ukrainians borrowed 70% more money from microfinance organizations than in the first year of a full-scale war. However, the total amount of those loans is still 33% less than before the start of the full-scale invasion.

The average amount of microcredit was ₴4,926, which is 7% more than in 2021. At the same time, the microloan indebtedness of Ukrainians increased by 16% over the year, reaching ₴9.3B.