Lift Above Poverty, Microfinance Bank Ltd has adopted and embedded the six principles of client protection into her core business operations.
Godwin Ehigiamusoe, Managing Director, said the six principles are part of the microfinance-industry initiative to ensure that low-income clients of microfinance are adequately protected against exploitation and un-ethical practices.
The six principles are Avoidance of Over-Indebtedness, Transparent and Responsible Pricing, Appropriate Collections Practices, Ethical Staff Behaviour, Mechanisms for Redress of Grievances and Privacy of Client Data.
He noted that LAPO has taken steps to realize the objectives of these principles. These steps according to him include the strengthening of LAPO’s Client Relationship Unit, substantial reduction in interest rates and charges and relevant training for credit staff.
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