Microfinance Summit concludes

KATHMANDU, Feb 17:

The Microfinance Summit concluded on Saturday issuing a declaration that, among others, calls for commitment to formulate and implement a code of conduct to minimize anomalies and unfair competition in the sector.

Different stakeholders voiced their strong concerns during the three-day conference over latest trend of microfinance institutions drifting away from their objective of financially empowering the poor and resorting to unfair competition.

"We request all microfinance institutions to adhere to socially accepted principles and protect the interest of customers by formulating a code of conduct," says a declaration issued on Saturday.

The summit also made commitment on roping in three million additional poor clients to the microfinance sector by 2015.

It also demanded a separate policy to guide the microfinance sector.

The summit, organized with a slogan ´Socially Responsible and Sustainable Microfinance´, was attended by over 800 participants, including policymakers, microfinance practitioners, promoters of microfinance institutions, students, microfinance experts and representatives of development agencies, NGOs and INGOs, among others.

Source: Republica