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MicroFinanza Rating at the 13th EMN Annual Conference, 16th-17th June, Warsaw


MicroFinanza Rating's Executive Director Aldo Moauro participated in the panel discussion on the Progress Review of the European Code of Good Conduct as guest speaker.

MicroFinanza Rating is the leader of the consortium in charge of the official evaluation of Compliance with the European Code of Good Conduct. The consortium led by MicroFinanza Rating was selected by the European Investment Bank (EIB) and EC DG Employment, Social Affairs and Inclusion.

According to the new Employment and Social Innovation (EaSI) regulation, implementing the EU Code of Conduct has become a pre-condition for accessing EU funds under the EaSI Program: this workshop represented the chance to know more about the implementation and evaluation process of the initiative.

The aim of the European Microfinance Network (EMN) Conference, titled "Shaping European Microfinance: Who, What and for Whom?", was taking stock of what the sector understands by microfinance: what products and services does it include and whom are they addressed to? This definition would make it easier to distinguish between mainstream financial products and specific services addressed to the underserved. The conference took place in Warsaw, from the 16th to the 17th of June.

For more information, please visit the EMN webpage


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First Moroccan Microfinance Institution Certified by MicroFinanza Rating

Today at the SPTF Conference 2016 in Marrakech Mr Aldo Moauro, Executive Director of MicroFinanza Rating, and Mrs Isabelle Barres, Director of the Smart Campaign have officially announce and award the Client Protection Certification to Tamwil al Fellah.
MicroFinanza Rating is very pleased to support the enforcement of responsible practices towards clients in Morocco and wish more will join the initiative for a wider implementation of best practices in the sector.



MFR at SPTF 2016 Annual Meeting

MFR will participate in the annual SPTF 2016 Annual Meeting in Marrakech, Morocco, and will be represented by Aldo Moauro, Executive Director, Lucia Spaggiari, Business Development Director, Chiara Pescatori, Social Rating Director and Joris Crisà, Regional Manager MENA.

On Sunday 29th: Updates on the global APR database proposal and the Social outcome management guidelines for Investors will be shared by Lucia Spaggiari, Business Development Director, at the SPTF Social Investors working group.
On Monday 30th: Frances Sinha (ED Rural Systems) and Lucia Spaggiari (MicroFinanza Rating) will moderate a day-long workshop open to all participants during which the key takeaways of the Social outcome management guidelines for Financial Service providers and Investors will be presented and the participants will be encouraged to share their challenges and discuss solutions to bridge gaps. On Monday 30th: Aldo Moauro (MicroFinanza Rating Executive Director) will participate in a day long meeting to share how regulators can make use of social performance management, client protection tools and international best practices in local regulation and supervision.On Tuesday 2nd: Lucia Spaggiari (MicroFinanza Rating) will assist in moderating the client outcomes plenary session and one of the breakout group sessions with the participation of Anthos Asset management and BBVAMF.

For further information, please visit the SPTF 2016 Annual Meeting website.

El équipo de MFR se solidariza con Ecuador

Todo el équipo de MFR desea expresar su solidaridad y apoyo a Ecuador ante el reciente terremoto del pasado sábado.
En particular, nos solidarizamos con las familias de las víctimas de esta tragedia.
En estos momentos difíciles, Ecuador necesita nuestra ayuda y colaboración para superar la crisis humanitaria. Pueden realizar cualquier donación con las siguientes organizaciones internacionales:

- Red Cross


- Oxfam

- World Vision

World Food Program

Two new countries Smart Certified by MicroFinanza Rating: Georgia and India!

MicroFinanza Rating is pleased to announce that MFIs from two more countries have been added to our list of certified organisations.

We are indeed glad to report that Finca Bank Georgia and Annapurna Microfinance Pvt are now Smart Certified, recognizing compliance with the client protection principles.

New milestone for client protection: 25 Million clients and 50 Smart Certified institution

The Smart Campaign has just announced that there are now 50 financial institutions that have been awarded Smart Certification, reaching out roughly 25 million clients. The threshold was crossed also thanks to the recent certified organisations as Fundacion Paraguaya in Paraguay, Pro Mujer in Nicaragua and AgroInvest in Serbia.

Please read more here and join us by keeping also your clients first in microfinance.


Upcoming missions and events – Quarter 2, 2016

During the upcoming quarter, MFR’s team will be visiting the following countries:  Albania, Belgium, Bolivia, Bulgaria, Cameroun, China, Ecuador, Georgia, Italy, Kazakhstan, Kyrgyzstan, Madagascar, Morocco, Peru, Poland, Romania, Rwanda, Tajikistan, Zambia among others.

Moreover, we will be participating to the following events:


Follow us on Twitter and LinkedIn for updates and important news from the microfinance sector.




EaSI Technical assistance now open to non-EU members

The Employment and Social Innovation (EaSI) Programme is an EU financing instrument that offers institutional assessment or rating and tailored training to all microcredit providers (greenfield microfinance institutions, non-bank microcredit providers and licensed banks). In addition to the 28 member states of the European Union, institutions from Albania, FYROM, Iceland, Montenegro, Norway, Serbia and Turkey may now respond to dedicated calls for expression of interest to request technical assistance.

The beneficiaries are selected from responses of Calls for Expression of Interest that are regularly launched by EaSI TA. To apply, non-bank microcredit providers must sign up to the European Code of Good Conduct for Microcredit Provision, a European-wide initiative to promote best practices within the sector.

You can sign up to the Code by clicking here

MFR supports the Tajikistan Housing Finance II Programme

MicroFinanza Rating is consulting KfW and the Tajik Ministry of Economic Development and Trade (MEDT) on the selection of up to 5 Partner Financial Institutions (PFIs) for the second phase of the Housing Finance Programme implemented within the German-Tajik Financial Cooperation. Building on the successes of its predecessor, the follow-on programme aims to further promote rural low- and middle-income households' access to long-term local currency financing for housing-specific purposes: purchase, construction, renovation, and expansion of living space. The programme has earmarked up to EUR 7 million in grant funds that will be allocated to MEDT for on-lending to selected PFIs that will then extend the funds as housing loans to target beneficiaries in rural Tajikistan. As the technical consultant, MFR designed a PFI evaluation scheme according to the program requirements and is currently assisting in the identification of local financial institutions eligible for undergoing due diligences, the results of which will inform the final selection of programme PFIs.

Upcoming missions and events – Quarter 1, 2016

During the upcoming quarter, MFR’s team will be visiting the following countries:  Argentina, Azerbaijan, Bangladesh, Bosnia, Colombia, Hungary, Mexico, Nicaragua, Peru, Romania, Serbia, Slovenia, Spain, The Netherlands among others.

Moreover, we will be participating to the following events:


Follow us on LinkedIn for updates and important news from the microfinance sector.




MI-BOSPO (BiH) is re-certified in Client Protection

We are pleased to announce that MI-BOSPO, a microfinance institution based in Tuzla, BiH, was recertified in client protection in October 2015MI-BOSPO was awarded during the MFC Conference that took place in November 2015 in Prague and is one of the first institutions globally to be re-certified. 

The Smart Campaign embodies a set of core principles for the treatment of microfinance clients - the minimum standards that clients should expect to receive when doing business with a microfinance institution. MI-BOSPO gave tangible proof of commitment and professionalism, which allowed the institution to achieve certification both in 2013 (for a 2-year period) and 2015 (for a 4-year period). The CPC process for MI-BOSPO has been financed by IFC.

MFR provides client protection technical assistance to National Bank of Tajikistan

MicroFinanza Rating, jointly with Armenian legal and regulatory compliance consultants, is assisting the National Bank of Tajikistan in strengthening its financial consumer protection regulations. Funded by the World Bank Group, the Technical Assistance seeks to support reforms to the local frameworks for supervision of responsible market conduct based on best practices. Specifically, MFR is providing the National Bank's newly established Financial Consumer Protection Department with its regional as well as global expertise in consumer protection regulation that draws upon an international consensus emerging around the SMART Client Protection Principles.

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