Microfinance institutions should be held accountable for the achievement of financial and social goals. There are several initiatives aiming to develop widely-acceptable tools and standards that seek to improve microfinance operations (cost effectiveness, improved services, getting feedback from clients, among others). However, there is no consolidated ecosystem that nurtures the provision of microfinance services in a responsible manner.
The MIF aims to advance responsible finance practices by building an ecosystem that promotes the achievement of sound financial and social goals in microfinance.
- Support the refinement, piloting and adoption of leading tools and industry standards in three core areas: transparency, client protection and corporate governance.
- Advance the discussion and participation of the region in the refinement of a sound financial and social performance framework for microfinance. .
Results and Impact:
- The implementation of a set of tools and standards in the areas of transparency, client protection and corporate governance in a significant number of microfinance institutions;
- The internalization of responsible finance practices among MFI’s and industry actors;
- The establishment of new tools and standards in responsible finance;
- Increased reporting and benchmarking of social and financial performance.