India: Satin Creditcare Awarded Smart Certification for Commitment to Client Pro...
India, July, 22 2016 -
The Smart Campaign’s Client Protection Certification program publicly recognizes those institutions providing financial services to low-income households whose standards of care uphold the Smart Campaign’s seven Client Protection Principles.
The Smart Campaign, a global initiative to incorporate strong client-protection practices into the microfinance industry has recognized Satin Creditcare Network Ltd. as Client Protection Certified for meeting strong standards of client protection.
Established in 1990 as a Non-Banking Finance Company (NBFC) with the simple concept of providing individual loans to urban shopkeepers for tiny businesses microenterprise development, SCNL today has expanded and evolved into one of the leading microfinance institutions in India with its current geography in North, West as well as Central India. The organization earned its Smart Certification this month.
The institution joins the group of 59 certified institutions from different countries across the globe including Latin America, Eastern Europe and South Asia that have been certified since the program was launched in January 2013. SCNL has served various geographies in the country for 26 years and currently serves more than 19 lakh clients across 16 states.
“We extend our heartfelt congratulations to SCNL,” said Isabelle Barrès, Director of the Smart Campaign. “Their willingness to do the work it takes to prepare for and undergo the intensive process of evaluation is indicative of their deep commitment to their clients. They have shown that this bar is achievable in the area of client protection. Their example will catalyze a movement towards certification within the broader industry.”
The Smart Campaign’s Client Protection Certification program publicly recognizes those institutions providing financial services to low-income households whose standards of care uphold the Smart Campaign’s seven Client Protection Principles. These principles covers important areas such as pricing, transparency, fair and respectful treatment and prevention of over-indebtedness.
“We have always held a strong commitment to protecting our clients, but this independent validation lends credibility and demonstrates to our community and our industry that we continue to work every day to improve our service and our commitment to best practices in microfinance,” said H P Singh, Chairman and Managing Director, SCNL
The certification program contains a rigorous set of standards against which institutions are evaluated by independent, third-party raters that are licensed by the Smart Campaign. The raters Planet Rating, M-CRIL, MicroFinanza Rating and MicroRate are established, specialized microfinance rating agencies with extensive experience, having analyzed hundreds of institutions to date.
SCNL has long demonstrated a commitment to client protection. Prior to undergoing certification, the institution was evaluated by the Smart Campaign on their practices and contributed to the development of Campaign tools to help advance the sector.