Microfinance Leaders Launch Global Appeal For Responsible Industry Practices

Thursday, September 20, 2012

WASHINGTON and PARIS, Sept. 20, 2012 /PRNewswire via COMTEX/ — Microfinance leaders today unveiled the “Global Appeal for Responsible Microfinance,” a landmark document urging all microfinance stakeholders to take concerted action to ensure a strong and principled microfinance industry. The Appeal was announced at the Convergences 2015 World Forum in Paris.

In recent years, the microfinance industry has made significant strides in advancing responsible practices that protect and appropriately serve clients. However, the Global Appeal calls for a more united, deliberate effort to be taken by stakeholders at all levels, including microfinance professionals, investors, and policymakers, to ensure the continued success of the industry.

The Global Appeal asks signatories to outline their plans for improving their own practices, making measurable, time-bound commitments on how they will contribute to a responsible sector. Signatories are called to announce their plans by the end of December 2013.

Endorsers of the Appeal also express their support for a basic set of principles and guidelines – specifically that:

Microfinance Institutions (MFIs) serve clients in a responsible manner;

MFIs advance the Social Performance Task Force Universal Standards for Social Performance Management;

MFIs operate with appropriate governance and financial responsibility;

Source: MarketWatch Press Release (link opens in a new window)

governance, microfinance