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Introduction to the Smart Campaign smartcampaign

Introduction to the Smart Campaign www.smartcampaign.org. Agenda. Introduction to the Smart Campaign Principles of client protection Client protection certification Tools available for improving client protection. The Smart Campaign…. …represents a global, industry-wide effort

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Introduction to the Smart Campaign smartcampaign

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  1. Introduction to the Smart Campaignwww.smartcampaign.org

  2. Agenda Introduction to the Smart Campaign Principles of client protection Client protection certification Tools available for improving client protection

  3. The Smart Campaign… …represents a global, industry-wide effort …has an international steering committee …collaborateswith the Social Performance Task Force (SPTF), MIX Market Social Reporting, MF Rating Agencies, MFTransparency etc, …is housed at the Center for Financial Inclusion at Accion International

  4. Why Now? • Now is a critical time to focus on client protection, for several reasons: • Demands for accountability and transparency • Microfinance crises in several countries • Negative media attention regarding impact • Public and governmental concern over high interest rates • Rapid growth, rising competition, and new players

  5. Client protection: 3 pillars RESPONSIBLE FINANCE Regulation for client protection and supervision Financial education and capability RESPONSIBLE FINANCE Standards and codes of conduct for the industry

  6. Timeline Milestones To-Date 2016 2015 2013 2011 2009

  7. Campaign Endorsers Globally http://maps.smartcampaign.org/

  8. Goals for Smart Campaign • Policy and Advocacy level engagement with Regulators using Model Legal Framework. • Build capabilities around Smart Standards 2.0 and keep updating and improving standards to reflect evolving business models and industry trends • Implement Regional Strategies – Africa, LAC, MENA, Asia. • Empower and engage directly with clients (e.g. develop a research and learning agenda for Client Voice work) • Build a market for the Smart Certification.

  9. Our Partners:

  10. Agenda Introduction to the Smart Campaign Principles of client protection Client protection certification Tools available for improving client protection

  11. Principles of client protection Appropriate product design and delivery Prevention of over-indebtedness Transparency Responsible pricing Fair and respectful treatment of clients Privacy of clients data Mechanisms for complaint resolution

  12. Certification Standards

  13. Agenda Introduction to the Smart Campaign Principles of client protection Client protection certification Tools available for improving client protection

  14. Smart Campaign : Theory of Change

  15. Vision of the Smart Campaign The Smart Campaign envisions a fundamental transformation of the microfinance industry in four key ways:

  16. Certification Program •   The Smart Certification program is important: • To enable financial institutions worldwide to demonstrate their adherence to the Campaign's client protection principles as verified by third-party auditors. • To publicly highlight financial institutions who meet the minimum standards for client protection.

  17. Who is eligible for Certification? • Retail Financial Institutions who serve the poor including: • Banks • Consumer Finance Companies • Credit Unions • Non-Bank Financial • Companies • NGOs

  18. What are organizations Certified Against? • In order to be Certified a financial institution must meet all 25 standards based on the 7 Client Protection Principles

  19. 7 Principles 25 Standards 86 Indicators Certification Standards

  20. Licensed Certifiers The Campaign expects newly accredited certifiers to be on-stream by the end of 2016

  21. Accredited Assessors

  22. Pricing for Smart Certification • Smart Campaign does not set pricing for the Smart Certification Program Approximate cost for Smart Certification :

  23. Monitoring progress: Certification • Client Protection Certification is an independent, third-party evaluation to publicly recognize financial institutions that meet adequate standards of care in client protection. • The Certification program was launched in 2013 to set global standards around client protection in the microfinance industry. • Today there are more than 60 Smart Certified FI across the globe serving more than 30 million clients.

  24. Preparing for Certification • Step 1: Orient Yourself with the Certification Standards • Step 2: Download the Getting Started Questionnaire and conduct self-assessment • Step 3: If ready, go for a Certification mission. If not ready take necessary steps to diagnose and improve areas of weakness

  25. Possible paths for Certification

  26. Agenda Introduction to the Smart Campaign Principles of client protection Client protection certification Tools available for improving client protection

  27. Improving Client Protection Practice “My institution believes that client protection is important—but we need help improving practice!” The Smart Campaign offers over 60 practical tools to help financial service providers implement the client protection principles. All of the tools are available for download free of charge. New tools are added regularly.

  28. Tools to improve practices Find these tools and dozens more on the Smart Campaign website.

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