Pro Mujer is very excited to share good news! Pro Mujer in Mexico became one of the first financial institutions in Latin America certified in Client Protection Principles.
On October 1st, Pro Mujer Mexico was newly certified by the microfinance-rating agency MicroRate. To be certified, a lender must tailor its products to the needs of its clients, work to prevent client over-indebtedness, protect client privacy and act responsibly, fairly and with transparency in all dealings with clients, investors, regulators and peers. Established in January 2013 by the Centre for Financial Inclusion, the certification is “a Hippocratic Oath for financial services,” says CFI’s Managing Director Elisabeth Rhyne. Part of a global initiative known as The Smart Campaign, the certification process involves onsite and offsite compliance verification by trained third-party evaluators and is intended to ensure greater stability in the microfinance industry.
Below you can read more about it from a blog post by the Center for Financial Inclusion.
First Microfinance Institutions in Latin America Certified for Strong Client Protection Practices
By Alyssa Passarelli, Communications and Operations Assistant, the Smart Campaign
The Smart Campaign is pleased to announce that three Latin American institutions became Client Protection Certified at the close of September 2013. These three institutions are Crezcamos and FMM Popayán, both from Colombia, and Pro Mujer Mexico. These are the first institutions in the Latin America and Caribbean region to receive certification. The Smart Campaign congratulate each of these institutions for their hard work and exceptional commitment to the fair treatment of their clients, as demonstrated in meeting the standards needed for certification.
The Smart Campaign launched Client Protection Certification in January 2013. The three new certified institutions bring the number of certified organizations to nine. The institutions that were certified earlier this year are:
When undergoing a certification mission, an institution is evaluated by one of the four licensed certifying agencies: M-CRIL, MicroFinanza Rating, MicroRate, or Planet Rating. To become Client Protection Certified, an institution must meet the 30 standards of care for client protection based on the seven Client Protection Principles.
For more on the Client Protection Certification Program, visit the Smart Campaign YouTube page.
Read the original blog post here.