03 August 2010
Press Release - Finance in Motion endorses the SMART Campaign’s Client Protection Principles
Finance in Motion has endorsed the SMART Campaign’s Client Protection Principles for microfinance and committed to continue promoting the implementation of socially responsible standards and practices throughout the microfinance industry.
The Smart Campaign, an international microfinance advocacy initiative launched in October 2009, seeks to unite microfinance providers worldwide to ensure that microfinance clients are treated fairly and responsibly and do not become over-indebted. The Campaign’s mission is to promote six pro-consumer principles, including avoidance of over-indebtedness, transparent pricing, appropriate collections practices, ethical staff behavior, mechanisms for redress of grievances, and privacy of client data.
Through this endorsement, Finance in Motion has committed to support providers of financial services that adequately protect their clients by incorporating the pro-consumer principles in its screening, due diligence, audits, monitoring, reporting, and governance roles.
"Finance in Motion strongly promotes the Principles among its partner institutions. We believe that with the right policies and implementation, microfinance can help contribute to poverty alleviation, empowerment and sustainable development”, commented Klaus Maurer, Chairman of the Supervisory Board of Finance in Motion. “From the onset, we have been committed to integrating responsibility issues in our investment policies. We have put much emphasis on transparency and responsible financing by developing and implementing procedures and investee assessment mechanisms during screening and due diligence processes. These are based on the Client Protection Principles, but also on the Core Social Performance indicators developed by the international working group Social Performance Task Force, that aim to prevent our end-beneficiaries from over-indebtedness, among others.”
To date, the Campaign has received over 1,000 endorsements from microfinance organizations, microfinance investors and donors, and individuals across over 100 countries.
More information on the Client Protection Principles and the SMART Campaign can be found on the internet at http://www.smartcampaign.org
About Finance in Motion
Finance in Motion is an alternative asset manager exclusively focused on development finance with over EUR 800 million in committed capital under advisory as of June 2010. The firm provides professional investment and technical assistance management services, focusing on micro, small and medium enterprise finance, housing finance, as well as on energy efficiency and renewable energy finance in developing countries and emerging markets. The company has offices in Frankfurt/Main, Germany, and in further 8 cities in the region of Southeast Europe.
Samir Djikić, Manager Communications
Tel: +49 (0)69 / 977 876 50-26
Fax: +49 (0)69 / 977 876 50-10