News

Microfinanza rating assigns to MCC Bailyk Finance the GOLD level of achievement in terms of Client protection.

In February 2022, the independent international rating company MicroFinanza Rating (Italy) completed a four-month assessment of Bailyk Finance’s work for compliance with the client protection principles. In his official certification letter, Joris Crisà, Head of MFR Certification Committee, wrote the following congratulations: «The GOLD level is the highest level of achievement and signifies that the certified institution meets the most rigorous standards of client protection found in the Universal Standards for Social Performance Management. From our side, we would like to express how rewarding it has been to accompany the institution throughout this process and we congratulate the entire Bailyk Finance MCC team. »

The client protection principles that form the basis of the Certification include: appropriate product design and delivery, prevention of over-indebtedness, transparency, responsible pricing, fair and respectful treatment of clients, privacy, security, and integrity of client data, and mechanisms for complaint resolution. We would note that this certification was supported by the international investor BlueOrchard.

Bailyk finance currently serves over 45,000 clients in 43 offices across the country. From the first days of operation, the Company relies on a client-oriented policy and remains unchanged in its social mission. The Company strives to provide services in hard-to-reach areas, expanding coverage of the population. Annually it tracks client satisfaction levels, and as of January 2020, 92% of clients were satisfied with the services of the Company.

“We had been working towards this certification for several years – we attracted experts, carried out self-diagnosis, updated procedures, changed processes and approaches to staff training. I would note that our goal was not only to obtain a certificate, but also, thanks to many points of compliance, to become the best for clients on the market. The Company plans many interesting projects that will be aimed at increasing client satisfaction and trust,” said Chinara Moldazhanova, General Director of MCC Bailyk Finance.

For reference:

Previously, the Certification for Client Protection Principles was promoted by the Smart Campaign, a global initiative led by Center for Financial Inclusion (ACCION), which fostered the introduction of client protection practices into the basic culture and daily activities of microfinance institutions. In 2020, the Client Protection Standards and management of their implementation was transferred to international not-for-profit associations SPTF and CERISE. The associations act as the certification managers and rely on licensed Certification Bodies to carry out consumer protection missions. Independent international rating agency MFR is one of the few in the world and the only agency in Kyrgyzstan accredited by SPTF and CERISE to conduct certification on Client Protection Principles.