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European Code of Good Conduct for Microcredit Provision
On October 11, the Commission has published a European Code of Good Conduct for microcredit provision. In the respective document, it says that 'the Code provides recommendations and standards that should foster best practice in the microcredit sector. It is intended to provide guidance for microcredit providers from the point of view of consumers, investors, funders and regulators.'
By setting out good practice guidelines and identifying expectations and common principles, the Commission is seeking to support the microcredit sector in facing the challenges of accessing long term finance, maintaining and raising the quality of services and moving towards sustainability.
Organised in a practical way, this voluntary Code of Good Conduct is divided into five indexed sections addressing customer and investor relations, governance, common reporting standards, management information systems and risk management. A sixth section on social performance will be added to the document in 2012.
This document was developed in close consultation with a large number of stakeholders including representatives of the banking and non-banking micro-credit sectors.
European Code of Good Conduct for microcredit provision
European Code of Good Conduct for Microcredit Provision (pdf, 1196 KB)
This text is an excerpt from the 'Foreword' of the European Code of Good Conduct.