The SMART Campaign, an international microfinance advocacy organization launched in October 2009, announced it has reached 1,000 endorsements from microfinance organizations across 106 countries [1]. The Campaign’s mission is promote six principles in the treatment of low-income clients: avoidance of over-indebtedness, transparent pricing, appropriate collections practices, ethical staff behavior, mechanisms for redress of grievances, and privacy of client data [2].
While The SMART Campaign had 700 endorsements after its first month, the next 300 came over a period of seven months [2]. The SMART Campaign has announced its new goal of 2,000 endorsements with no timetable [1].
By Matthew Castner, Research Assistant
About The SMART Campaign:
The SMART Campaign is a consumer protection intiative that is currently housed at the Center for Financial Inclusion with seed money from ACCION International. The Campaign currently has 1,000 endorsers comprised of microfinance institutions, networks and associations, and investors and donors worldwide.
About ACCION International:
ACCION was founded in 1961 and issued its first microloan in 1973 in Brazil. ACCION’s partner microfinance institutions today are providing loans as low as USD 50 to poor men and women entrepreneurs in 23 countries in Latin America, Asia, Africa and the United States. In the last decade, ACCION partners have disbursed more than 28.5 million loans totaling USD 23.4 billion; 97 percent of the loans have been repaid.
About the Center for Financial Inclusion (CFI):
The CFI was started by ACCION International with the goal to connect the microfinance community with major drivers of the global economy.
Additional Resources:
[1] PR Newswire: “1,000 Microfinance Organizations & Individuals Join The Smart Campaign,” May 19, 2010, http://www.prnewswire.com/news-releases/1000-microfinance-organizations–individuals-join-the-smart-campaign-94278269.html
[2] MicroCapital: “MICROCAPITAL.ORG STORY: The Smart Campaign Industry Leaders Call For Key Consumer Protection Initiatives,” by Hio Kyeng Lee, October 23, 2010, http://www.prnewswire.com/news-releases/1000-microfinance-organizations–individuals-join-the-smart-campaign-94278269.html
MicroCapital’s Microfinance Universe profile: The SMART Campaign: https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=SMART+Campaign
MicroCapital’s Microfinance Universe profile: ACCION International: https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=ACCION+International
MicroCapital’s Microfinance Universe profile: Center for Financial Inclusion (CFI): https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Center+for+Financial+Inclusion+(CFI)
Browse the MicroCapital Universe and add your entry to the wiki at https://www.microcapital.org/microfinanceuniverse/
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