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Responsibility to Clients
In June 2016 Amret was awarded Client Protection Certification by the global Smart Campaign, with rating carried out by Micro-Credit Ratings International (M-CRIL). This award signifies that Amret MFI has embedded into its institutional culture and operations the seven Principles of Client Protection as follows:
Appropriate product design and delivery: Amret takes adequate care to design products and delivery channels in such a way that Amret does not cause its clients harm. Products and delivery channels are designed with client characteristics in mind.
Prevention of over-indebtedness: Amret takes adequate care in all phases of its credit process to determine that clients have the capacity to repay their loans without becoming over-indebted. In addition, Amret implements and monitors internal control systems that support the prevention of over indebtedness; and fosters efforts to improve market-level credit risk management (such as credit information sharing).
Transparency: Amret communicates clear, sufficient and timely information in a manner and language that clients canunderstand so that clients can make informed decisions. The need for transparent information on product pricing, terms and conditions is emphasized.
Responsible pricing: Pricing, terms and conditions are set in a way that is affordable to clients while allowing the financial institution to be sustainable. Amret strives to provide positive real returns on deposits.
Fair and respectful treatment of clients: Amret treats its clients fairly and respectfully and without discrimination. Amret ensures adequate safeguards to detect and eliminate corruption as well as aggressive or abusive treatment by staff, particularly during loan and debt collection processes.
Privacy of client data: Amret safeguards and protects client information at all times. Amret does not believe in disclosing client information without their knowledge and consent.
Mechanisms for complaint resolution: Amret believes in listening to its clients and ensuring that their concerns and grievances are addressed effectively. Amret is committed to providing formal channels of communication with customers through which they can give feedback on the quality of service.