>Posted by: Ana María Moreno
For the last two months students from the University of Pennsylvania at the Wharton School of Business formed a team collaborating closely with the Center for Financial Inclusion at Accion to promote global awareness on the status of microfinance and consumer protection around the world.
Given the vast growth of the microfinance sector in recent years, consumers and MFIs need to be aware of the laws and regulations that govern microfinance and lending in their countries, their rights and responsibilities. Although some information regarding such information is currently available, the vast majority of information is scattered and hard to find. In order to promote its vision of creating a microfinance industry which is distinguished by the responsible and ethical treatment of its customers, the Center has been working to provide consumers and microfinance institutions this information through the Consumer Protection Library. Each profile provides a robust view of the regulatory and legal structures protecting consumer rights in each country.
Our goal as the Wharton team has been to build upon this and enrich the Consumer Protection Library by contributing to client protection profiles on new countries and developing a marketing strategy for the library’s website.
At Wharton we are often taught about the power of information and how sometimes those less informed can be exploited. We hope that our project will help those less informed in their search for information and thereby reduce people’s vulnerability. It has been a pleasure for us to take a part in this project thus far and we eagerly look forward to our continued collaboration.