On this first day of European Microfinance Week, which is hosted by the 140-member European Microfinance Platform (e-MFP) of Luxembourg, e-MFP’s “Making Microfinance Investment Responsible” Action Group convened to work on the data it has collected on client protection from 10 microfinance investors, rating agencies and NGOs. Having had difficulty harmonizing the data from its various sources, the group has floated the idea that standard methods for collecting this data should be established. One step in this direction would be to establish identifying numbers for microfinance institutions for use across investors and service providers. The group unanimously agreed that this work should take into account the standards already promoted by initiatives such as the US-based Microfinance Information Exchange and the US-based Smart Campaign of Accion’s Center for Financial Inclusion.
Executive Director Chuck Waterfield of US-based NGO Microfinance Transparency added that his organization is seeking to work with investors to share microloan pricing data that they collect in order to increase the accessibility of this data, standardize it and reduce duplication of effort.
This content is sponsored by e-MFP, the organizers of European Microfinance Week. It is one in a series of articles covering the proceedings of the event, which is taking place in Luxembourg from November 12 to November 14. MicroCapital is reporting on the sessions onsite throughout this time.
Additional Sources and Resources:
MicroCapital Special Report; November 12, 2013; Youth Financial Inclusion Group Tackles Business Training, Scaling-up, Dormant Accounts, Program Indicators, Self-sufficiency at European Microfinance Week
Microfinance Event; September 24, 2013; European Microfinance Platform (e-MFP) to Host European Microfinance Week 2013, Luxembourg, November 12-14, 2013, With On-site Coverage Provided by MicroCapital
MicroCapital Special Report; November 16, 2012; Responsible Microfinance Implementation Action Group Looks to Boost Usage of Existing Tools, Distributes Template of Covenants for Investors to Attach to Loans to Microbanks
MicroCapital Universe Profile: European Microfinance Platform (e-MFP)
MicroCapital Universe Profile: Microfinance Information Exchange (MIX)
MicroCapital Universe Profile: MicroFinance Transparency
MicroCapital Universe Profile: Smart Campaign
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