Issue #11 January/February 2010 viability of such training depends on the qualifications and motivation of New CMF Study! the trainer. Additionally, a dearth of Do Financial Literacy Training qualified and low-cost trainers may create obstacles to effective scaling up.
Videos Make Cents?
By Dr. Jeremy Shapiro and Stuti Tripathi
Motivated by the policy question of whether effective financial education can be delivered at reduced costs, this study focuses on education delivered through a series of video-based lessons. Video was chosen as the training medium both for consistency of content as well as the low barriers to scale, should the intervention prove impactful.
The microfinance movement represents a push to make financial products and services available to lowincome households. Underlying this movement is the notion that access to products will allow households to accumulate savings, finance productive endeavours and better manage risks The study, led by Professor Shawn Cole and cash flow. at Harvard Business School, Dr. Bilal Access, however, is only one of the Zia at the World Bank and Dr. Jeremy factors limiting use of financial services. Shapiro at Yale University, aims to test Evidence also suggests that there may the efficacy of the intervention across a be serious demand-side constraints, diverse group of people drawn from the specifically low levels of knowledge slums of Ahmedabad, India. Saath, a and capacity, which limit the spread local non governmental organization (NGO) with extensive operations in and impact of financial services. and around Ahmedabad (www.saath. Therefore in order for the microfinance org), agreed to allow its members to movement to strengthen its potential participate in the study. to alleviate poverty, households must have sufficient knowledge about The research team chose Saath as a financial products and services to partner based on the compatability of realize their value. Moreover, impact project’s research questions with the will hinge on whether decision makers diversity of Saath’s clients and products/ in the household have the capacity to services. Saath serves male and female clients and as a cooperative, delivers optimize the use of financial tools. micro-savings and other products Driven by these lines of inquiry, a alongside micro-credit. Further, Saath new Centre for Micro Finance study provides non-microfinance services will test how providing education to members, such as education, on various aspects of household health, infrastructure development finance influences financial literacy and employment interventions. and whether it ultimately affects the Combined, this creates a sufficient household’s financial behaviour. number of groups to compare differential effects of the financial Various microfinance organizations literacy training. across India currently offer such training, via trainer-group format, Saath currently works in six areas of to their clients. While potentially Ahmedabad and reaches roughly valuable, the effectiveness and 8000 people through its microfinance Centre for Micro Finance at IFMR Research 8th Floor, West Wing, Fountain Plaza, Khaleel Shirazi Estate 31/2 A, Pantheon Road, Egmore, Chennai, 600 008, India Phone: (91) 44 4289 2725 | Fax: (91) 44 4289 2799 | Web: www.ifmr.ac.in/cmf
In This Issue Do Financial Literacy Training Videos Make Cents? By Dr. Jeremy Shapiro and Stuti Tripathi Dr. Jeremy Shapiro is a post-doc fellow at Yale University and Stuti is a CMF Research Associate based out of Ahmedabad. Pg. 1
Studying the Effects of Health Insurance on New Mothers and Babies By Helena Garcia Helena is a student in the MPA-ID programme at Harvard’s Kennedy School of Government and interned at CMF during summer 2009. Pg. 2
Do Paper-based Surveys Have a Future? By Dr. Ajay Tannirkulam Ajay is the Head of the Analytics Unit at CMF. Pg. 4
State of the Sector-inspired Initative By Deepti KC Deepti is the program associate for the Microfinance Researchers Alliance Program .Pg. 5
Client Protection - A Boon or a Burden for MFIs? Interview conducted by Akhand Tiwari with Kate McKee of the Consultative Group for the Assistance of the Poor (CGAP). Akhand is a CMF research associate based
Excerpt from the India Development Blog
A Day with Rickshaw Pullers September 2nd 2009 By Deepti KC, CMF One of the Microfinance Researchers Alliance Program (MRAP) participants received funding to study how rickshaw pullers from Delhi manage their money. Last week, I visited Dehli and participated in interviewing several groups of rickshaw pullers. The study focused on understanding where these pullers migrated from, their livelihoods, how much they make and spend, what kind of items they spend on (such as alcohol, tobacco etc), how many meals they take per day, etc. Most of the rickshaw pullers I met were from Bihar and shared similar stories. On an average day, they made Rs. 200-250, out of which they paid Rs. 50 to the rickshaw owner, spent Rs. 20 on alcohol and/or tobacco and Rs. 20 on food. The remainder they used to pay loans or saved. Not surprisingly, none of them had bank accounts. Some of the observations that I made that day included: - None of them skipped their meals in order to save for the future. - They had a very strong social network though only within their village group. Some pullers have been in Delhi for 10 years, yet they never talked with pullers from other places even though they operated in the same neighborhood. They also preferred borrowing and lending among these few trusted friends only. - Only one had a rental apartment as he had recently got his wife and children to Delhi. The rest slept under the bridges or the rickshaw garages, used public toilets, skipped meals if failed to make enough money on any day, and surprisingly, one of them mentioned that he
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operations. Its total savings portfolio is about Rs 1.54 crore. In late 2007 Saath transitioned from an individualto a group-lending model. Today, it has close to 300 Joint Liability Groups and about 1700 borrowers, with an outstanding loan portfolio of close to Rs 1.67 crore. Saath is also among a handful of MFIs in India that functions as a cooperative and offers a formal micro-savings facility to clients. Ekta and Sakhi Bachat Samiti, the two cooperatives promoted by Saath, were recently given permission by the Ahmedabad Municipal Corporation (AMC) to work in 20 wards of the city. Drawing participants from Vasna and Behrampura areas of Ahmedabad, the study will invite roughly 1000 people to a computer centre over twelve months. Two-thirds (or about 667 participants) will be randomly assigned to a group that receives the aforementioned financial literacy videos on budgeting, loans, savings and insurance. The other participants will be shown videos on health topics pertinent to their context. Both the ‘treatment’ and non-treatment groups will participate in five video sessions lasting two hours apiece and followed by a discussion. The ‘treatment’ group will be further sub-divided to assess if and what services, or combination of services, have an impact on financial behavior. For example, a random subset of the treatment group will receive payments if they successfully remember lessons from a previous video session. Another random subset will be given posttraining deadlines such as opening an account, buying an insurance policy, etc; while yet another subset will be given access to a personal financial counselor to help him/her with financial planning and budgeting. A final survey to measure differential impacts between the ‘treatment’ and non-treatment groups will be administered three months after people have watched the last video. As the project is staggered across four phases (with each phase holding screenings for about 250 people) some preliminary results can be expected by the end of 2010.
Studying the Effects of Health Insurance on New Mothers and Babies By Helena Garcia and Knowledge Management Team Why might you find Centre for Micro Finance surveyors on an overnight bus in rural Karnataka carrying scales and measuring tape? Read on to understand. In 2007, SKS Microfinance introduced “Swayam Shakti,” a health insurance cover for major events including catastrophic illness, accidents or the birth of a child. After piloting the policy in a branch in Karnataka, SKS rolled out the health insurance to 600 of its branches. The Centre for Micro Finance, in collaboration with the Abdul Latif Jameel Poverty Action Lab has been working to evaluate the impact of SKS’ health insurance combined with microcredit on various household economic, social and health outcomes. As part of the impact evaluation, the CMF research team identifies pregnant women and conducts a followup interview, if they are willing, immediately after the birth of their child. The visit combines anthropometric measures of the newborn and the mother as well as a paper-based survey with the mother. The followup visits and surveys were piloted and then launched in the first quarter of 2009. Anthropometric measures are comparative measures of the human body. By comparing actual measurements to standardized charts, it is possible to detect differences in nutrition and growth. In the case of newborn babies, anthropometric measures can accurately capture the way a pregnancy developed in terms of nutrition, etc., as well as pinpoint certain genetic characteristics. A newborn baby’s weight fluctuates in the first few days, dropping sharply immediately after birth but rising again as the baby begins to eat.
This variance can be controlled for by taking other measures that are highly correlated with birth weight, such as length and the circumferences of the head, chest and mid-upper arm. Measurements of chest and head circumference are also useful as the torso and head constitute the main part of the baby’s weight in the womb. For a new mother, measuring the upper middle arm circumference provides information on muscle mass and –since low-income people in developing countries are likely to have little subcutaneous fat - this indicator can be used to diagnose protein-energy malnutrition. The indicator also has less variance than others, such as waist circumference. In order for anthropometric data on newborns to be useful, it is critical to record information within three days of delivery! Thus, the CMF survey team must always be on call or ready to visit new mothers. A complicating factor is that mothers-to-be sometimes relocate in the final weeks of pregnancy to be with extended family. The survey team must be prepared to traverse these distances to conduct the survey. Prior to the post-birth visit, members of the survey field team visit SKS center meetings and identify pregnant women. The women are asked about their pregnancy and requested to contact the team after the birth of their child. As an incentive for a new mother to call the survey team, the mothers are offered Rs. 50 if they call within the first 72 hrs of birth. If the mother calls the team, two surveyors travel to visit the mother and child.
Anthropometric measures of the newborn baby and the mother yield insight into four areas -- some directly related to the impact evaluation and others more tangential:
1. Characteristics of the study population. Maternal age and anthropom-
etry are significantly associated with newborn anthropometry, particularly birth weight. Higher maternal anthropometric means are associated with higher birth weights. Furthermore, low birth weight has been found to be positively correlated with mother’s age (women younger than 20 or older than 30), low income group, and low education. It has also been found that mothers who visit a doctor before giving birth have heavier babies on average.
low and high birth weight with an increased risk of type II diabetes.
2. Self-selection into the insurance.
At the time of the survey, SKS microfinance clients in the study areas were required to buy health insurance if they wanted to take a loan; they also had the option of, for a slightly higher premium, including up to three family members in the same policy. Since maternity is one of the explicit benefits of this product, and it is a condition that is not necessarily unexpected, it can be the case that some family members are included because they are expecting a baby and want the health insurance to cover the delivery in a clinic. These women might have some underlying characteristic that makes them choose insurance and also to take better care of themselves during pregnancy, so their babies will have different anthropometric measures than non-insured women.
Measurements at birth can also serve as predictors of future health conditions for an individual. Lower birth weight and ponderal index (weight/length) are associated with a higher risk of 3. Usage of insurance. The maternity adult cardiovascular disease, and both benefit of the health insurance was included as something that would appeal to its clients. With the follow-up survey it is possible to see if insured mothers are using their coverage during birth and why or why not.
4. Effect of delivering the baby in a clinic or hospital versus home deliveries. This is especially sig-
nificant for complications during childbirth. Its expected that insurance will effect where women choose to give birth (the insurance only covers deliveries in clinics or hospitals), which might effect what happens in the case of complications; including how costly it is for the family to deal with these situations. Results from the survey will be forthcoming in 2010.
A group of four Centre for Micro Finance surveyors has been trained to handle newborns as well as how to take the measurements. They are also skilled at explaining the purpose of the visit as well as A new mother’s upper arm is measured by CMF field team as part of the SKS New Mothers survey (photo allaying any anxiety among by Helena Garcia) the mother or her family.
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preferred having alcohol than food. - The only way for them to transfer money to loved ones in their respective villages was through local travelers who came to the city from their villages to collect money from them. Obviously, such money collectors charged for their services. Whenever such people came to the city, these rickshaw pullers borrowed money from the local moneylenders. One group relied on a manager of a local motel, and the other group relied on an owner of a tea shop. They viewed these moneylenders as saviors and had high regards for them. It was interesting to understand that in order to send money to their families, these rickshaw pullers paid interests to two parties - the moneylender as well as the person who came from the village to collect money from them. Most of them realized this problem and expressed their desire to open bank accounts. The following were related observations:- Most of them knew about smart cards, ATMs; one puller even knew that money could be transferred through the internet. - All of them mentioned that they wanted to open bank accounts. All asked how we could help them in opening bank accounts. It was interesting to find out that while all of the rickshaw pullers I met knew the importance of bank accounts and talked about how bank accounts would reduce the costs of transfering money to their famillies, none of them knew the procedure to open a bank account. Alas! http://www.indiadevelopmentblog.com/2009/09/day-withrickshaw-pullers.html
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Is There a Future for Paperbased Surveys?
PDAs and voice transfer seemed to have passed with flying colors with better than 99.5% transcription accuracy.
By Dr. Ajay Tannirkulam, Head The Centre for Micro Finance processes more than 15,000 paper-based of Analytics Unit
surveys annually; despite its heavy reliance on paper surveys for data collection, institutionally it is open to technological innovation and potential efficiency gains. In fact, CMF has already piloted surveys using PDAs.
Paper-based surveys have long been the bread and butter for empiricists such as economists, political scientists and public health experts. In the absence of alternative technologies, paper-based surveys have been faithful servants to the social science CMF piloted a brief, three-page and the formation of policy. microfinance take-up survey in and However, even a casual observer will around Allahabad, Uttar Pradesh, notice that despite their utility, tra- in March 2009. The pilot utilized ditional paper surveys have recurring five Palm Centros programmed problems. Some of the frequent is- with Pendragon software, a fairly sues encountered during surveying user-friendly platform. The entire and subsequent data entry include – process of hardware purchase, soft(i) logical inconsistencies in surveyor ware procurement, survey design and testing took less than twoentries, (ii) questions left blank at the surveyor’s whim, and (iii) inaccurate work by data entry companies. Even after survey responses have been recorded, per Institutional Review Boards (IRBS) requirements, they must be stored for several years before disposal. Logistics for this, such as protecting the paper from ro- A CMF surveyor interviews a microfinance clidents, pests and humid- ent in Orissa using a paper survey. Will the ity, present a host of new next round of surveys use PDAs? challenges. 1 In the last few years, technology has opened up new avenues for surveying. Personal Digital Assistants (PDAs), mobile phones supported by voice recognition software, electronic tablets and mini laptops are a few of the high-profile arrivals. Research groups (see Patnaik, Brunskill and Thies 2008 for a review) have begun incorporating some of the technology into their data collection schemes. Patnaik et al., for example, tested some of these tools (also compiling literature data) and, 1. Professor Chris Blatmann http://chrisblattman.blogspot.com/ does an excellent job at expressing general frustration with paper surveys.
and-a-half weeks to complete. The data collection in the field was also smooth. Motivated by this success CMF also conducted an elaborate test of PDAs in late November 2009 with CMF’s weather insurance project in Gujarat. For an organization conducting large surveys on a regular basis, PDAs may make economic sense. Take the following costing scenario for a company that, on average, targets several thousand households per large scale survey: To complete a sixty-page paper-based survey that targets 3000 households
viewing and analysis of survey data on the same day of data collection. Software can be designed to force surveyors to enter only logically consistent data, eliminating a key A standard PDA with reasonable difficulty with paper-surveys. Furfeatures costs approximately $150 thermore, laptops allow researchers (~Rs. 7000). For the same survey to include cognitive games and ranand timeline, thirty PDAs would to- domize question order in surveys. tal $4500 as an initial up-front investment. But, PDAs eliminate the Paper surveys are a deeply ingrained need for data entry and can be used part of social science research and researchers have developed a love-hate anew after the first survey is done. relationship with them. Replacing Thus, it would only take two large them will likely be a slow process. surveys (approximately 3000 house- But given the abundance of innoholds) using PDAs for the initial vative new technology, conducting $4500 investment to be recovered field surveys will certainly see changes over the decade. vis-a-vis paper surveys. in a month will need approximately thirty surveyors; subsequent data entry for the paper surveys will cost roughly $2600.
Of course PDAs are not without their drawbacks, the largest being the high costs of vernacular software. In a country like India where spoken languages and scripts change every 600-800kms, software in the Roman Script is a potential downside. It could be difficult to find local surveyors comfortable in the area’s vernacular as well as English. Additional drawbacks of PDAs are that their screens are small, pictures or animations are hard to display, and electronic respondent games, a feature in many surveys, are hard to implement.
State of the Sector-inspired Initiative
Looking beyond PDAs, laptops like the Dell Inspiron Mini 9 and HP MiniNote are small, lightweight and extremely portable. They pack a fair fraction of the capabilities of a standard PC and will soon be available in the $300 range, making them economically viable for large surveys. Like PDAs, mini laptops allow both
The initiative was designed to fund selected MRAP participants to conduct a field-based overview of a particular region and the status of microfinance therein.
By Deepti KC One of Microfinance Researchers Alliance Program’s objectives is to narrow the gap between research and practice by fostering knowledge partnerships between researchers and entities that provide financial services for the poor. Keeping to that objective, CMF has launched an initiative inspired by the State of the Sector Report, the seminal document on the Indian microfinance sector.
October 29-30th 2009. The purposes of this workshop were twofold: (a) to understand the ideas of each MRAP scholar and their individual plans to execute the initiative and; (b) to provide a platform where the scholars could receive feedback from MRAP advisor Dr. Malcolm Harper and Mr. N. Srinivasan, Author, State of the Sector Report. During the workshop, the scholars’ project plans fell into one of two types: (i) broad, multi-district examinations of microfinance at a state level and; (ii) focused, issue-based examinations with a geographic area in mind. Dr. Harper and Mr. Srinivasan gave extensive and tailored feedback to each of the MRAP participants who presented. Following the workshop, MRAP participants were given several weeks to incorporate the workshop feedback and revise their plans. MRAP scholars plan to study microfinance in most regions of India, through individual research interests. Selected states include Uttarakhand, Gujarat, Uttar Pradesh, Rajasthan, Karnataka, Tamilnadu, Madhya Pradesh, Jharkhand, West Bengal and Assam, among others. Revised topics include an examination of marketing strategies for MFIs, an exploration of microfinance and women empowerment, and a study of how women in mature self-help groups behave. At the end of the year, the scholars will be asked to present a report of their findings, which Centre for Micro Finance will compile and publish.
As a launch for this initiative, CMF organized a workshop at the Ford Foundation office in New Delhi on
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CMF Conference Updates Risk Mitigation in Agriculture August 11th 2009 In conjunction with SEWA, the Centre for Micro Finance held a one day conference on Tuesday, August 11th 2009 titled, “Risk Mitigation in Agriculture.” Speakers at the conference included Professor Shawn Cole, CMF Principal Investigator (Harvard Business School) and Kolli Rao, Deputy General Manager of the Agricultural Insurance Company of India (AIC).
http://ifmr.ac.in/cmf/seminars_conferences/agrisk.html Financial Inclusion December 4th 2009
Summit:
For the second year in a row, the Centre for Micro Finance was the knowledge partner for the Economic Times’ Financial Inclusion Summit 2009. This year the summit hosted speakers including Planning Commission deputy chairman Montek Singh Ahluwalia, along with Nandan Nilekani, chairman of the Unique Identification Authority of India.
Status of Microinsurance in India : December 10/11th 2009 In collaboration with the Centre for Insurance and Risk Management (CIRM) and the UNDP-India, the Centre for Micro Finance organized a two-day conference on the status of microinsurance in India.
http://ifmr.ac.in/cirm/conference.htm Microfinance: Translating Research into Practice: January 8/9th 2010 For the third straight year, the Centre for Micro Finance and the College of Agricultural Banking (CAB) hosted a conference on microfinance research. Distinguished speakers included Professor Jonathan Morduch and Professor Abhijit Banerjee.
http://www.ifmr.ac.in/cmf/ seminars_conferences/cab_ conf2010.html
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Client Protection - A Boon or a Burden for MFIs? Interview with Kate McKee By Akhand Tiwari
Fair Code practices that the Reserve Bank of India (RBI) has issued. I have the impression that the statement of intent is out ahead of practice a bit, and so there is awareness of issues but they’re not being fully implemented on the ground. Akhand: There is a basic assumption of 100% client repayment rate. Do you think this basic assumption is too rigid and ultimately leads to issues which actually put us in the situation where we need to talk about client protection?
Akhand Tiwari, Centre for Micro Finance Research Associate and podcast host, caught up with Kate McKee at the Microfinance India Summit in Delhi in October 2009. We chatted with her about the current paradigms of client protection and the moveKate: Yes, and if you don’t mind I ment’s engagement with practitioners. want to make a quick distinction. This interview is also available on When we use the term consumer proCMF’s podcast: tection we’re thinking about all consumers in the market. We tend to see http://ifmr.ac.in/cmf/podcast.html that more as a matter of regulation. Regulators should be concerned about Akhand Tiwari: Kate, can you tell us all consumers in the market. We use some of the main issues in consumer the term client protection to be clear protection? that, “this is the responsibility of providers for your own clients to be sure Kate McKee: Worldwide, client pro- that you’re treating them fairly and tection [in microfinance] has crystal- that you’re not causing unintended lized around six core principles. The harm to them.” first is avoiding over-indebtedness and having suitable products. The second What has struck me in the last couple is transparency and we’re not just talk- of days during discussions on client ing about transparency of prices but protection and responsible finance is we think it’s critically important that that providers are putting their fingers clients also understand the terms and on some really important issues. One conditions of the financial services of them is what you mentioned, if we that they’re taking and what the key expect 100% loan recovery and 0% risks are as well as their own rights and percent delinquency, it is both unreobligations. alistic and inappropriate and it drives some of the behavior that we’re seeing, The third principle is appropriate col- overly aggressive collections for examlections practices, the fourth is staff ple. It even raises issues of staff ethics. ethics, the fifth is effective recourse mechanisms, so it’s not enough to just A second issue raised is around prodhave a complaints box sitting next ucts themselves. India is pretty-much to the teller if people don’t really be- a mono-product microfinance sector lieve that their concerns are going to - group loans, joint guarantee. There be heard. We heard an interesting ex- are very rigid products and repayment ample last night where one institution expectations and this also drives some has chosen to put the CEO’s mobile of the problems that we see. If you number on all the loan contracts, so don’t have opportunities to tailor the if the clients have a problem they call products to the actual cash flow of the the CEO. So that’s a more effective household, you’re more likely to run recourse mechanism. And the final into over-indebtedness problems and principle is data privacy and confiden- it raises transparency issues as well. tiality. And if I can just add that one more Now if I look at the Indian situa- issue that’s come up is staff incentives tion it seems that a number of these and a recognition that staff incentives [principles] are covered by the current not focus only on volume. In a growth
environment there’s a temptation to focus a lot on volume of portfolio and loan officer productivity, but also it’s not enough to say well we’re doing both volume and PAR in our staff incentives because if you just do PAR it can drive the temptation for overly aggressive collection practices. So I think there’s a recognition we need a more nuanced and more balanced set of incentives for loan officers.
can be relevant and; b) create stronger incentives by working with other investors and other funders to be both looking for better behavior and supporting the move to better behavior.
internal controls, client communication has emerged as a really important issue. What’s in your document? Are they plain language? Are they local language? Are you communicating with clients in ways that they can Akhand: So Kate what kinds of tools reasonably understand? I think this
Akhand: You have been part of this discussion all along and have been in conversations with microfinance institutions. What are some of the things that are being done? Kate: So as a representative of the Global Smart Campaign for fair treatment and client protection, we don’t presume to tell practitioners in any single country or market how they should go about this because we recognize that the circumstances are specific the context is specific, the risks in any market, which areas are most problematic, transparency or over-indebtedness or collections recourse. So our philosophy is, let’s explore these principles together, and see which of them should be priorities for which parts of the Indian microfinance sector. Here we’ve been focused on NBFCS and specialized MFIs, I’m sure there are different issues with the SHG model or the cooperative model. So let’s explore together what are the priorities, let’s be realistic that there are some challenging tradeoffs around for example, price transparency, quality of products at the same time that you’re trying to scale up quickly. And let’s see this as a process, where we would love to find ways to support the industry as they find ways to move forward. I think the roles the campaign and CGAP can play are essentially twofold. a) Bring experience/examples from providers in other countries that
Recent events in India and elsewhere have put client protection atop the agenda for practitioners and policymakers. But will the rhetoric trickle down to clients, like this group in Kanchipuram, Tamil Nadu? (photo by Alex Kobishyn)
are available to providers? Kate: The most powerful tool I’d like to highlight that is available on the campaign website, is the self-assessment diagnostic tool that’s intended to be used by providers for them to look deeply at how they stack up against each of the six principles. There are modules on over-indebtedness, on transparency etc. I think its power comes from the fact that is has been developed with practitioners so the process over the last year to engage deeply with about 25 practitioners; ranging from large NBFCs to even a downscaling bank, cooperatives, NGOs (big and small), to see what makes sense to them in their own context. It’s powerful for providers in this market and elsewhere because it so specific it really gets to the issues around staff incentives, credit policies,
would be a great tool we’d love to see it widely available and used in India. Also I’d like to mention the SMART CAMPAIGN – putting clients first in microfinance. It’s a global campaign that now has more than 700 institutions that have endorsed it, and in endorsing they’ve said not only do we think these six principles are good but we also commit to implementation. For more on the Client Protection movement please visit some of the following resources: Website of the SMART Campaign: http://www.thesmartcampaign.org/ Center for Financial Inclusion at ACCION International (host of the Beyond Codes Movement): http://www. centerforfinancialinclusion.org/
Kate McKee is a senior adviser for Policy, Outreach and Aid Effectiveness at the Consultative Group for the Assistance of the Poor (CGAP), where she joined in 2006. She is also one of the leading advocates and promoters of the Client Protection movement within microfinance.
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CENTRE FOR MICRO FINANCE 8th Floor, West Wing, Fountain za Khaleel Shirazi Estate 31/2 A, Pantheon Road, Egmore, Chennai, 600 008, India Phone: (91) 44 4289 2725 Fax: (91) 44 4289 2799
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