Initiatives to enhance financial literacy by type of beneficiary

Initiatives to enhance financial literacy by type of beneficiary

• Reference Number: FS16
• Related Status: Reported
• GRI Status: Core GRI Indicator

The EIB Group endorses the Client Protection Principles for microfinance (CPPs) in order to promote the implementation of socially responsible standards and practices throughout the microfinance industry. These principles are designed to protect Microfinance Financial Institutions’ clients from potentially harmful financial products and ensure that they are treated fairly. They promote the adherence of Microfinance Financial Institutions to seven pro-consumer principles:
• Appropriate product design and delivery
• Prevention of over-indebtedness
• Transparency
• Responsible pricing
• Fair and respectful treatment of clients
• Privacy of client data
• Mechanisms for complaint resolution
These seven socially responsible principles are fully integrated into the Bank’s procedures and represent a guideline for any investment decisions. The EIB is actively encouraging the adoption and strict implementation of the principles by all its intermediaries.