Pro Mujer Bolivia Certified Gold in Client Protection
23 February, 2023
Pro Mujer Bolivia is proud to have been certified Gold in Client Protection by the Certification Committee of Microfinanzas Rating, becoming the first development finance institution to receive this certification and marking a milestone in the microfinance industry.
The certification process implemented by Microfinanzas Rating assesses the policies, procedures, management systems, training, and marketing practices of financial services providers across seven different client protection areas:
- Appropriate product design and delivery
- Prevention of over-indebtedness
- Responsible pricing
- Fair and respectful treatment of clients
- Privacy of client data
- Mechanisms for complaint resolution
Pro Mujer Bolivia was founded to improve the quality of life of the most vulnerable women in rural and peri-urban areas of Bolivia by providing them with access to the financial system.
Pro Mujer has supported the financial inclusion of Bolivian women since 1990 when Professors Lynne Patterson and Carmen Velasco identified that women had limited access to financial products that they could use to support their families and invest in their businesses.
Today, women in Bolivia and throughout Latin America remain on the margins of the formal financial system. According to the CAF – Development Bank of Latin America, only 49% of women in the region have a bank account, and various studies have found that low-income families cannot access financing alternatives for their projects (Central Bank of Bolivia).
Organizations such as Pro Mujer Bolivia seek to improve the opportunities available to small-scale farmers and micro-entrepreneurs.
Through education, Pro Mujer Bolivia supports the development and strengthening of women’s knowledge, values, skills, and abilities to help them achieve financial independence, live a healthy life, and strengthen their safety and autonomy.
Pro Mujer Bolivia has become a role model for other countries in the region. In 2021, Pro Mujer invested more than USD $269 million in Latin America via its microfinance portfolio. In 2023, the organization will continue to encourage the entrepreneurship of Latin American women, boost their well-being, and support them as they strengthen their financial independence.