At press conference help on April 20, 2016 FINCA Bank Georgia announced it received Client Protection Certification by the Smart Campaign, a global initiative that certifies the adoption of high ethical standards in the treatment of clients in the microfinance industry. FINCA Bank Georgia became the first SMART certified financial institution in the country.
“We have always held a strong commitment to responsible banking as well as the well-being of our clients. This independent validation lends credibility to our strict internal standards and policies and our commitment to always treat our clients fairly and ethically,” said Vusal Verdiyev, CEO of FINCA Bank Georgia.
FINCA Bank Georgia has over 18 years of experience in the country and has provided financial services to small business owners to increase income, create jobs and improve lives. The institution became a licensed, regulated banking entity in 2013, offering its clients access to savings products. FINCA Bank is making a difference – reaches underserved people in rural and urban areas: 79% of total clients are from rural areas who potentially having limited access to financial services, over 80 000 people earn their livelihoods in the businesses that FINCA Bank Georgia finances.
FINCA Bank Georgia received the certification in recognition of FINCA’s commitment to the best interests of clients, which includes institutionalizing the Smart Campaign’s seven Client Protection Principles. These principles 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.
In extending congratulations to the bank, Isabelle Barrès, Director of the Smart Campaign, said, “We’re proud that FINCA Bank Georgia became the first SMART certified institution in Georgia and has joined 44 other leading financial institutions to position itself as a leader in client protection. Their deep commitment to the well-being of their clients will serve as a shining example for other microfinance and financial institutions around the world to pursue high standards for client protection.”