Mutual benefits can be guaranteed through appropriate product design and right delivery channel the company chooses to serve the clients. M-CRIL is pleased to share that starting May 2021, fresh assignments to certify compliance with the seven Client Protection Standards will follow the Client Protection Certification Framework that has been developed by SPTF-CERISE in consultation with investors, financial service providers (FSPs) and rating agencies. Avoidance of Over-Indebtedness. At a recent conference on 'Investments In Microfinance' which was held in London and organized by Hanson Wade, a panel discussion was dedicated to the issue of client protection.The panel was led by Ms. Elisabeth Rhyne, Managing Director at the ACCION Centre for Financial Inclusion and Mr. Kenan Crnkic, General Director of Prizma Mikro, an MFI headquartered in Sarajevo. Recognizing this fact, the Group of Twenty (G20) set up the High-Level Principles on financial consumer protection in 2011, Transparency 4. become critical to ensure financial consumer protection or microfinance client protection is part of the policy agenda on financial inclusion, nationally and globally. This report - ' Demonstrating the impact of client-centric microfinance ' - gives an overview of the results from the client surveys and also presents our approach to measurement and management of client-level outcomes and impact. Read Paper. Microfinance was hailed as a solution to global poverty. Key players in the microfinance sector launched the Smart Campaign to improve protection of clients throughout the industry. Therefore, JVOMFI adheres to the client protection principles on appropriate product design and delivery, prevention of over-indebtedness, transparency, responsible pricing, fair and respectful treatment of clients, privacy of client data and mechanisms for complaint resolution. The Principles are distilled from the work of MFIs, international networks and national microfinance associations to develop pro- Read MFI case studies describing concrete tools and practices developed by the SP Fund> The Smart Campaign is a global effort to unite microfinance leaders around a common goal: to keep clients as the driving force of the industry. become critical to ensure financial consumer protection or microfinance client protection is part of the policy agenda on financial inclusion, nationally and globally. Jul 15, 2016, 9:46 AM. Clients expect not only good service provision in terms of relation with them CLIENT PROTECTION FINCA is a member of the SMART Campaign, an initiative of The Center for Financial Inclusion at Accion that unites microfinance leaders around a common goal: to keep clients as the driving force of the industry. Smart microfinance encompasses core Client Protection Principles to help microfinance institutions practice good ethics and smart business. Responsible pricing 5. Client Protection. Additionally, many microfinance associations and other organizations (such as consumer protection agencies) that are involved in the . Download Download PDF. 2022. Section 4 offers practical advice on approaches and tools to incorporate the Principles into investment processes. Microfinance Client Protection in Asia and the Pacific: Lessons from Adb-Smart Campaign Training Programs. Client Protection in Burkina Faso's Microfinance Sector 1 STATE OF THE PRACTICE Acronyms AP/SFD-BF Microfinance Association of Burkina Faso APR Annual percentage rate BCEAO Central Bank of West African States CP Consumer protection CPP Consumer protection principles CRS Catholic Relief Services DSC-SFD Directorate for Supervision and Controle . At the global level, FINCA was a founding member of the Smart Campaign, which sets out principles designed . The. These principles were distilled from the path-breaking work by providers, international networks, and national microfinance associations to develop pro-client codes of conduct and practices . We have long set the industry standard for client protection in the microfinance industry. They are the minimum standards clients expect from us as providers. Smart Microfinance encompasses core Client Protection Principles to help microfinance institutions practice good ethics and smart business. The Client Protection Principles and the SMART Campaign1 are the heart of an industry-wide initiative aimed at safeguarding the interests of microfi nance clients. They put these principles into action through the Smart Campaign and launched it in October 2009. The principles address the most common ways in which financial services can go wrong, especially for the vulnerable and often poorly educated clients served by MFIs: appropriate product design and delivery, fair and respectful treatment, transparency, privacy, responsible pricing, and redress of grievances. The SMART Campaign's Client Protection Principles are intended to . - Microfinance can pay for itself, and must do […] 1) CPPs offer broader ranges of client protection practices which may not have been covered by the regulation, 2) Smart Certification gives a global accreditation that MFIs are adhering CPPs, 3) Once a few MFIs receive the Smart Certification, it will create a ripple effect in the industry to adopt CPPs CPP - Client Protection Principles. Mechanisms for complaint resolution Client Protection Principles Chamroeun joins more than 115 other institutions in over 40 . Key principles of microfinance were developed in 2004 by ConsultativeGroup to Assist the Poor (CGAP) and endorsed by the leaders at the G8 Summit onJune 10th, 2004. The CGI commitment to a multi-year Campaign for Client Protection is an outgrowth in part of the 'Pocantico Declaration,' a statement of principles and concerns issued by 25 microfinance leaders brought together by Deutsche Bank (DB) in April 2008 at the Pocantico Conference Center in Tarrytown, New York. Easy Microfinance is a best practice Microfinance Institution. What are the Consumer Protection Principles? The Client Protection Principles are the minimum standards that clients should expect to receive wh en doing business with a . Phnom Penh, Cambodia - The Smart Campaign, a global initiative to incorporate strong client protection principles into the financial inclusion industry, has publicly recognized Chamroeun Microfinance Plc. The Client Protection Principles are the minimum standards that clients should expect to receive when doing business with a microfinance institution. as Client Protection Certified for meeting strong standards of client care. this report, and opened an opportunity with Smart Campaign to propagate the Client Protection Principles and Responsible Finance practices in microfinance sector in India. The question is, what do clients expect? Fair and respectful treatment of. The Center for Financial Inclusion at Accion, together with CGAP, led a coalition to create the Smart Campaign to put the client protection principles into practice.Over 1,100 microfinance institutions and over 2,200 additional individuals and organizations (e.g., investors, donors, and networks) have endorsed the Smart Campaign principles. as Client Protection Certified for meeting strong standards of client care. Full PDF Package Download Full PDF Package. Client Protection Principles: Model Law Bansal, Hema, The Smart Campaign, Implementing Client Protection in Indian Microfinance (2013). Learn more about client protection. The overall objective of the Campaign is for these principles to become embedded within the fabric of the microfinance community . The Campaign for Client Protection in Microfinance seeks to unite microfinance providers worldwide to develop and implement standards for the appropriate treatment of low-income clients based on the six principles. NACCUG: Client Protection Principles to protect customers from harm. At that time, the Bank started its business through a network of 13 branches-all providing basic deposit and microfinance services to its customers. The aim of Smart Campaign is to provide a guideline - the Client Protection Principles - for MFIs to manage risks of having an adverse impact on microfinance clients with the underlining ethical maxim of 'doing no harm'. EMPLOYEES AND CLIENT SATISFACTION SURVEYS. External client protection assessment of AMK MFI in Cambodia as part of the AFD-funded CMA project Assessment on the Practices of Microfinance Institutions towards the Client Protection Principles in Cambodia: Cambodia Microfinance Association, 2013-14. This post discusses the results from these three country studies and the way forward for client research on client protection. Fair and respectful treatment of clients 6. JVOMFI is committed to ensuring an environment where no harm is done to clients. This Paper. By endorsing the six principles and joining the campaign, providers commit to take . The Guide is organized as follows: Section 2 describes the Principles and their importance to ensuring sustainable microfinance development that serves the best interests of clients. not all include provisions on client protection. Hanapin ang mga client protection principles na ito sa kukunan ng financial services. Drawing on industry feedback and analysis of certifications over the past few . These principles were distilled from the path-breaking work by providers, international networks, and national microfinance associations to develop pro-client codes of conduct and practices. Prevention of over-indebtedness 3. Appropriate product design and delivery Stegenor has take adequate care to design products and delivery channels in such a way that they do not cause clients harm. 3. microfinance leaders from around the world who are committed to following positive client protection practices. The Microfinance CEO Working Group is pleased to present Client Protection Principles: Model Law and Commentary for Financial Consumer Protection. To ensure that clients are protected, all MFIs should adhere to basic corporate governance principles to guarantee uniform standards, transparency and good corporate governance practices in their institutions. 1 Full PDF related to this paper. The Seven Client Protection Principles for Microfinance are: 1. The client protection principles and the smart campaign are the heart of an industry-wide initiative aimed at safeguarding the interests of microfinance clients. Austrian based asset manager Absolute Portfolio Management (APM) offers two "Dual Return - Vision Microfinance" funds, endorses the Smart Campaign and has incorporated the . Appropriate product design and delivery 2. 1. 2017. MoneyMart Finance Private Limited will therefore adhere to the to the following Core Client Protection principles: Avoidance of Over-Indebtedness: MoneyMart will take reasonable steps to ensure that credit will be extended only if borrowers have demonstrated an . SPI4 helps microfinance institutions evaluate their implementation of the Universal Standards for Social Performance Management, including the Smart Campaign Client Protection Principles. Client Protection Principles • Avoidance of overindebtedness • Transparent pricing • Appropriate collection practices • Ethnical staff behavior • Mechanisms for redress of grievances • Privacy of client data 4/12/2011 3 What is to be done? States that pro-client principles, with a pro-active approach to consumer protection, will encourage microfinance institutions (MFIs) to improve their practices. This Model Law and Commentary (collectively, the . The end goal is adoption of appropriate policies, Microfinance Focus, October 15, 2010 (Colombo) : One of the fundamental principles of responsible microfinance is the protection of clients from unfair, non-transparent or unethical practices.These are clearly defined in the Smart Campaign's Client Protection Principle's - Avoidance of Over-Indebtedness, Transparent and Responsible Pricing, Appropriate Collections Practices, Ethical . Phnom Penh, Cambodia The Smart Campaign, a global initiative to incorporate strong client protection principles into the financial inclusion industry, has publicly recognized MAXIMA MICROFINANCE PLC. This international recognition has elevated Khushhali Microfinance Bank as the world's first financial institution to achieve this coveted accolade. Smart Microfinance protects clients, businesses, and the indu stry as a whole. The client protection principles and the smart campaign are the heart of an industry-wide initiative aimed at safeguarding the interests of microfinance clients. Hema Bansal. The microfinance industry acted quickly in response. Have you found the page useful? Transparency 4. The Client Protection Principles are the minimum standards that clients should expect to receive when doing business with a financial service provider. Transparency. First steps for implementing client protection 6. The certification acknowledges that the . The Client Protection Principles for microfinance and the accompanying Smart Campaign have been introduced to protect clients, businesses, and the industry as a whole. The end goal is adoption of appropriate policies, practices, and products by retail providers. Promoted by the Smart Campaign, the Client Protection Principles seek to re-center the industry's focus on clients. Client Protection Principles, a microfinance industry-wide initiative that encourages providers to ensure that low-income clients are treated fairly and protected from potentially harmful financial products. Recognizing this fact, the Group of Twenty (G20) set up the High-Level Principles on financial consumer protection in 2011, The Client Protection Principles represent a global consensus across the sector regarding the standards of conduct and treatment clients should receive from financial service providers. Alongside regulation and financial education, institutional commitment to a set of common standards, like the Client Protection Principles, forms the foundation of a responsible microfinance sector. Section 3 provides an update on the Smart Campaign. The Client Protection Principles are the minimum standards that clients should expect to receive when doing business with a financial service provider. As Wisrod Investment Pvt Ltd, a registered credit only Microfinance, we have adopted the Core Client Protection Principles(CCPPs) as a bar in terms of putting our clients first in the microfinance business. The present paper aims at reviewing the present state of consumer protection in the Indian Microfinance Industry, which is very vital for protecting consumers from unfair financial arrangements . This Progress Note presents a framework for developing and implementing pro-client principles, building on the experiences of the SEEP Network members over the last two years.The note:. Clients expect not only good service provision in terms of relation with them Client protection is a key tenet of microfinance. Please credit "Improving Client Protection Practices in Microfinance Institutions - Perspectives from Rwanda" and The SEEP Network for those sections excerpted. The widely promoted Consumer Protection Principles describe the minimum that microfinance clients should be able to expect from Field Partners. Of the client protection principles mentioned above, laws and regulations on the issue of transparency are most well developed, followed by over-indebtedness. Conclusion and call to action Agenda 7 1. Keeping clients first in financial inclusion Client Protection Pathway CERISE+SPTF invite all financial service providers to join the new Client Protection Pathway. Tandaan na may kapangyarihan kang pumili ng produkto o serbisyo na makakapagpabuti sa kalagayan mo sa buhay. Privacy of client data 7. Microfinance institutions (MFIs) provide credit to low-income beneficiaries, enabling them to gain access to financial assistance. 'Fair and Respectful Treatment' matters the most to clients, followed by 'Transparency'. Among the key principles, are the following: - Poor people need a variety of financial services, not just loans. The Smart Campaign's Client Protection Principles This legal framework is the legislative counterpart of the Client Protection Principles, which have been developed within the microfinance sector and promoted by the Smart Campaign. States that pro-client principles, with a pro-active approach to consumer protection, will encourage microfinance institutions (MFIs) to improve their practices. to clients. Bank Negara Malaysia, Financial Sector Blueprint 2011-2020 . The Client Protection Principles are comprised of seven core principles which have been identified by the Smart Campaign and which should be adhered to in order to ensure that microfinance clients are dealt with in a responsible way: Appropriate product design and delivery Prevention of over-indebtedness; Transparency; Responsible pricing 4. The end goal is adoption of appropriate policies, practices, and products by retail providers. Certified for Commitment Client Protection. Client Protection Certification is an independent and third-party evaluation that provides an objective seal of confidence that a financial service provider is adequately implementing the client protection principles and is doing everything it should to treat clients fairly and to not harm them. A short summary of this paper. PRINCIPLE 1 - Appropriate Product Design and Delivery. These client protection principles include: Tanungin ang sarili kung prayoridad ba ng organisasyon na pabutihin ang iyong buhay o gusto lamang nitong kumita mula sa iyo. The results give us confidence that client-centric, gender-smart microfinance remains a critical tool for . As of November 2010, more than 100 investment organizations have endorsed the Principles and are taking concrete actions to encourage providers to adopt appropriate client pro- We are committed to protecting our clients from predatory lending practices.
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