In 2012 PerMicro applied for the European Code of Good Conduct for Microcredit Provision and started  the long journey of implementing the set of clauses the Code asks for in five different areas: Customer and Investor Relations, Governance, Risk Management, Reporting Standards and Management Information Systems. Furthermore, in order to achieve compliance with the Code, we also had to disclose various data linked to our financial and social performance.

PerMicro already had a strongly ethical structure which mainly resembled some clauses of the Code especially referring to its transparency towards customers and stakeholders, its company structure and organisation, its risk and finance management as well as its ICT equipment). In 2015 PerMicro was selected to be part of the pilot phase of the project to test the tool: during this phase the company collaborated with consultants such as Micro Finanza Rating and the EU institutions.

In 2017 the European Commission delivered PerMicro the Certificate of Award concerning the Compliance with the European Code of Good Conduct: we are one of the first MFIs in Europe to receive it.

We are very happy and proud for receiving this important certification.
Many thanks to the European Commission (EU), European Investment Bank (EIB) and European Investment Fund (EIF) for creating tools which allow MFIs to conduct their self-assessment.

Thank you also to the Institutions which worked with us and helped our improvement: we are grateful to European Commission and Micro Finanza Rating for involving and supporting us in the pilot phase, in particular in some aspects such as the relationship and better understanding of our customers.

Lead by the European Code of Good Conduct, PerMicro will keep working to strengthen and promote microcredit in Europe.

Watch the video to learn more about the Code…

Corrado Ferretti, President at PerMicro, attended as a speaker the EaSI TA event on “Making it happen for small entrepreneurs- Microfinance!”, which took place on 14.03.2017 in Belgrade, Serbia.

For this occasion 45 participants from microfinance organizations, NGOs and policy makers spent an interactive day together discussing opportunities and obstacles to the Serbian microfinance sector, emphasizing how microfinance regulation can trigger the sector.

Corrado Ferretti held the speech “A Comparative Analysis of Microcredit Legislation”. After an introduction about the diversity of the EU context in microcredit legislation as well the absence of central authority and directives for financial intermediaries, Ferretti reported the Italian case: where social lenders run the risk of being (over)regulated.

The event was another step towards leading and innovating the microfinance sector: speakers and moderators presented a lot of useful and relevant information, also regarding the EaSI Technical assistance and European Investment Fund financial instruments.

A wider selection of images from the day are available at this link.

The European Microfinance Network (EMN) will hold its 14th Annual Conference in Venice, Italy on the 22nd & 23rd June 2017. The purpose of the event is to be a meeting of minds, ideas and experiences. About 300 delegates are expected to attend, including microfinance practitioners from all over Europe, service providers, academics and researchers who are interested in the recent developments of the sector, as well as representatives from the other interested parties including policy makers, NGOs and guarantee-granting institutions.

PerMicro, Banca Etica and RITMI (Rete Italiana della Microfinanza) are the main partners of the event.

Attendees are invited to discuss and reflect upon the power of financial education for vulnerable populations, such as microfinance clients. Their economic fragility is linked to the perpetual imbalance between the financial offer and their actual financial needs. The asymmetry of information and the balance of power which tips in favour of the financial sector (at the cost of the citizen) hamper an effective use of financial products and services. Moreover, as time passes, we observe an even greater disparity as customers are less financially literate, while the products on offer become more sophisticated and complex.

The purpose of the 14th EMN Annual Conference is to discuss how financial education can help the microfinance sector rethink the products on offer, ensuring they have a high social impact while prioritising the clients’ needs. Stakeholders from the sector will have an opportunity to voice their different operational approaches to the topic at hand.

Take a look at the official website and register now!