Our customers are at the center of everything we do.
It’s an exciting time for microfinance and financial inclusion. Advances in digital banking make it possible to reach clients who have trouble visiting traditional bank branches. Expanded access makes it easier than ever to match people with financial products that fit their needs and equip them with the knowledge to use those products effectively.
Consumer protection standards must evolve with these new technologies.
FINCA Impact Finance (FIF) has strict policies in place to ensure clients are treated fairly and ethically and to protect them from becoming over-indebted. Nearly 20 years ago, FINCA helped lead efforts to create and implement the first global microfinance financial consumer protections under the Center for Financial Inclusion’s Smart Campaign.
Today, FIF is an official signatory of a joint statement calling on financial services providers worldwide to implement Cerise+SPTF’s essential practices for excellence in consumer protection. Several FIF subsidiaries are independently certified under these standards, while others are going through the certification process.
We are committed to providing clients with the knowledge they need to be successful. As only 33 percent of adults worldwide are considered fully financially literate, consumer exploitation is far too easy.
All FIF banks and microfinance institutions offer financial and product education that ranges from basic budgeting and financial planning to sophisticated workshops on topics like agriculture and entrepreneurship. Our own research shows that when FINCA offers financial education along side loans and savings products, our customers are more successful.
These financial education offerings are particularly empowering for women and other groups who historically have lacked equal access to such resources. Our new Learning and Development Center will help FINCA expand its offerings and reach.
Spotlight: Agency Banking in the DRC
FINCA Impact Finance believes that being a responsible bank means deeply listening and responding to our customers. This is why we developed a rigorous customer research program to ensure that clients have a strong and clear voice in shaping how we serve them.