MicrofinanceBank receives 'Client Protection Certification'

The First MicrofinanceBank, the pioneer of microfinance banking in Pakistan received 'Client Protection Certification from 'The Smart Campaign.' The recognition comes after a rigorous independent review of the bank's client protection standards in providing financial products and services. The First MicrofinanceBank called upon Microfinanza Rating (MFR), an international rating agency specializing in microfinance with the support from the Pakistan microfinance network.
The First MicroFinanceBank is now amongst a select few microfinance banks in Pakistan to have received this recognition of high ethical standards in the treatment of clients. With this achievement, the First MicrofinanceBank takes its place amongst over 100 globally certified institutions as a customer centric organization, said a press release issued here the other day.
"During its 16-year of service, 'The First MicroFinanceBank Pakistan' has taken several initiatives around customer centricity and client protection; to be recognized for these efforts is indeed an honour for the Bank. With this recognition, we will further improve our ability to utilize our customer insight, advance our internal processes and lay the foundations to automate differentiated propositions to individual customers based on what they value," said Amir Masood Khan, CEO & President of 'The First MicroFinanceBank.'
The Smart Campaign is a global effort to embed a set of client-protection principles into the fabric of the microfinance industry. This Certification is awarded to financial organizations that institutionalize the Smart Campaign's seven Client Protection Principles which include appropriate product design and delivery, prevention of over-indebtedness, transparency, responsible pricing, fair and respectful treatment of clients, privacy of client data, and mechanisms for complaint resolution.
The First MicroFinanceBank's the pioneer in the Micro finance Industry of Pakistan and serves low-income entrepreneurs, small businesses and savers. Earlier this year, the bank launched10 Digital Access Channels including a Mobile Banking App which allows clients to conduct digital payments entirely via their smart-phone, including funds transfer, bill payments and top-ups of prepaid cell phone service.
The First MicroFinanceBank is committed to be the leader in financial inclusion with an emphasis on serving customers from all segments of society across Pakistan. We believe that today's investment will enable us to more directly influence the potential in the microfinance sector in Pakistan, accelerate financial inclusion and rapidly scale up our customer base.-PR