Banco FINCA Ecuador receives Smart Certification for its commitment to client protection
April 18, 2018, Quito and Washington, DC – Banco FINCA Ecuador, FINCA Impact Finance’s subsidiary in Ecuador, announced it received Smart Certification. The certification comes after a rigorous independent review process found Banco FINCA Ecuador has consistently upheld the highest client protection standards in providing financial products and services. Banco FINCA Ecuador joins FINCA Impact Finance subsidiaries in Georgia, Kosovo, Kyrgyzstan, Nicaragua and Pakistan in receiving Smart Certification for its ongoing commitment to client protection.
The Smart Campaign is a global initiative to promote stronger client protection standards in the microfinance industry. The certification process included review of all of Banco FINCA Ecuador’s business processes and policies, concluding the organization has consistently demonstrated commitment to the Smart Campaign’s seven Client Protection Principles: appropriate product design and delivery; prevention of over-indebtedness; transparency; responsible pricing; fair and respectful treatment of clients; privacy of client data; and mechanisms for complaint resolution.
“Smart Certification is confirmation of Banco FINCA Ecuador’s commitment to providing clients with responsible financial products”, said Keith Sandbloom, FINCA Impact Finance’s regional director for Latin America & the Caribbean.
Originally launched in 1993, Banco FINCA Ecuador is a leader in the country’s responsible finance sector. In 2008, it became a full-fledged bank licensed to take deposits. Banco FINCA Ecuador continues to serve low-income entrepreneurs around the country, offering financial products and services ranging from individual and group loans to savings accounts and money transfer services.
Robust client protection standards have become increasingly important as Banco FINCA Ecuador adopts digital technologies to more effectively serve its clients. The company is currently developing offerings such as online and mobile banking, online loan applications and digital money transfers. By emphasizing both tech innovation and client protection, Banco FINCA Ecuador is able to reach the previously unbanked in Ecuador with responsible financial services.
About FINCA Impact Finance
FINCA Impact Finance is a global network of 20 microfinance institutions and banks that provides socially responsible financial services to enable low-income individuals and communities to invest in their futures.
About The Smart Campaign
The Smart Campaign, an initiative of The Center for Financial Inclusion at Accion, is a global effort to unite microfinance leaders around a common goal: to keep clients as the driving force of the industry. The Campaign’s Client Protection Principles were developed in 2008 and are intended to protect clients, businesses and the industry as a whole. FINCA is a founding member of the Smart Campaign.