Client Protection Principles

Smart Campaign worked on developing Client Protection Principles, along with Accion International and CGAP and came out with 7 Client Protection Principles. These principles are comprehensive and cover rights of clients of Microfinance Institutions. Satin has endorsed Smart Campaign and is committed to the objectives of Client Protection Principles .The seven Client Protection Principles are given as under:

  1. Appropriate Product Design and Delivery Channels: Designs products that are appropriate to client needs and do no harm. Seeks client feedback for product design and delivery.
  2. Avoidance of Over-indebtedness: Providers will take reasonable steps to ensure that credit will be extended only if borrowers have demonstrated an adequate ability to repay and loans will not put borrowers at significant risk of over-indebtedness. Similarly, providers will take adequate care that noncredit financial products, such as insurance, extended to low-income clients are appropriate.
  3. Transparency: The pricing, terms, and conditions of financial products (including interest charges, insurance premiums, all fees, etc.) will be transparent and will be adequately disclosed in a form understandable to clients.
  4. Responsible Pricing: market-based, non-discriminatory pricing. Efficiency is in line with its peers.
  5. Fair and Respectful Treatment of Clients: Staff of financial service providers will comply with high ethical standards in their interaction with microfinance clients, and such providers will ensure that adequate safeguards are in place to detect and correct corruption or mistreatment of clients.
  6. Mechanisms for Complaints Resolution: Providers will have in place timely and responsive mechanisms for complaints and problem resolution for their clients.
  7. Privacy of Client Data: The privacy of individual client data will be respected, and such data cannot be used for other purposes without the express permission of the client (while recognizing that providers of financial services can play an important role in helping clients achieve the benefits of establishing credit histories).

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