Brac recognised for client protection achievements

Brac has been recognised with "Smart Certification" for its demonstrated commitment to client protection through its microfinance activities, said a Brac press release yesterday.

By successfully completing the Smart Campaign's certification programme, it has become the first organisation in Bangladesh to achieve such a certification.

"Client Protection Certification" is an independent, third party evaluation to publicly recognise financial institutions that meet adequate standards of care in how they treat clients.

Financial institutions awarded with the Smart Certification must meet rigorous and international standards on client protection.

However, to secure the certification, Brac underwent an extensive audit of their policies and practices for adherence to the Smart Campaign's Client Protection principles, which cover issues including transparency, fair and respectful treatment, responsible pricing, and prevention of over-indebtedness.

The certification process consisted of a thorough document review followed by an onsite visit and interviews with Brac's staff and clients.

The process was conducted by Microfinanza Rating, a specialized microfinance rating agency and licensed "Smart" certifier.

Including Brac, 64 institutions globally were certified since the programme's launch. Commenting on the achievement, Shameran Abed, director of Brac's microfinance programme, said, "We are absolutely thrilled to be the Smart certified …this achievement confirms the success of our mission to provide financial services to the poor…"