> Posted by Kanika Metre
Last week at the Africa-Middle East Regional Microcredit Summit in Nairobi, we were happy to hear the UN Secretary-General’s Special Advocate for Inclusive Finance for Development, Princess Maxima of the Netherlands, highlight client protection as one of the top three priorities for the future of inclusive finance. Here is an excerpt from her speech at the Summit opening:
“The third priority is client protection. Of course, more than 700 MFIs, associations, investors and individuals have already endorsed the Client Protection Principles that are becoming the industry standard. But this is only the first step. Financial institutions must put these principles into practice, and this requires both thought and action. That’s why I’m urging the whole sector to get involved with The Smart Campaign, a global effort to get client protection on everyone’s radar.
The global financial crisis underscores the importance of these principles. I fully agree with the Smart Campaign that pricing, terms and conditions of financial products should be as transparent and responsible as possible. That customers shouldn’t be sold financial products they don’t need, or end up borrowing money they can’t repay. And their complaints about financial services should be taken very seriously. So I’m delighted to see workshops on client protection on the Summit’s programme.”