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LOLC (Cambodia) Plc. becomes the first MFI to receive the new standard PPI Certification by MicroFinanza Rating, a licensed Grameen Foundation rating agency
Phnom Penh, Cambodia (February 6, 2015) – LOLC(Cambodia) Plc., a rapidly growing, regulated microfinance institution with a focus on serving low-income families in rural Cambodia, was awarded the Progress out of Poverty Index certification (PPI) at the basic level for its exemplary use of the social performance measurement tool. Established in 1994 and currently the 5th largest MFI in Cambodia, LOLC becomes the first to receive such a certification under the new standard established by the Grameen Foundation and pursue its activities as a highly socially responsible MFI.
The PPI was launched in 2005 by the Grameen Foundation, which originated from the first established MFI in the world, the Grameen Bank, and was designed for organizations and businesses that wanted to integrate objective poverty data into their assessments and strategic decision-making. While the Grameen Foundation has developed the PPI tool, it has in the meantime engaged partnerships with international rating agencies in order to broaden the use of the PPI and facilitate its delivery. Microfinanza Rating (MFR) was licensed by the Grameen Foundation and is therefore fully allowed to deliver this certification as part of its mission to “provide high quality ratings and information services, aiming at enhancing transparency, facilitating investments and promoting best practices worldwide”.
The PPI allows socially responsible organizations to assess the likelihood that a household is living below the poverty line or slightly above by simply asking a range of 10 questions about a household’s characteristics and asset ownership. The relevance of the PPI measurement tool also comes from its country-specific approach, as there are PPIs for 45 countries, each of them tailored to their countries’ socio-economic situations.
As a regulated Cambodian MFI with a social vision and a business orientation, LOLC saw in the application of the PPI measurement tool an outstanding opportunity to enhance its social performance management. In 2012, LOLC became the first Cambodian MFI to use the PPI as a way to measure its poverty outreach, assess its impact on the lives of its clients, and track poverty levels over time. In July 2013, having already demonstrated good results LOLC was awarded the “Basic and Advanced Standard” certification, old standard.
Since then, LOLC has maintained a continual tracking of PPI for all new clients, enabling LOLC to remain focused on serving marginalized populations, improving products to meet the needs of its clients and measuring the impact of our products on our clients’ lives. LOLC has reported encouraging out-of-poverty data, as 10% of LOLC clients have moved out of the “very poor” category and 7% moved out of the “poor category” from 2012 to 2013. We also assessed that 9% of them became “low income” instead of poor and an additional 9% moved to the “non-poor” category.
Once again, LOLC was rewarded for its efforts to produce transparent and objective data on its clients’ lives and for being at the forefront of sound social performance management in the Cambodian microfinance market. This new achievement only comes a month after the granting of the S.T.A.R certification by MIX Market to LOLC for its outstanding transparent data reporting and and its successful commitment to the Universal Standards of Social Performance Management (USSPM).
About Grameen Foundation
Grameen Foundation was founded in 1997 to help the world’s poor address their own unique needs. We believe that all of us desire to improve our lives, and that all of us – even the poorest among us – can reach our full potential if we are given access to the right tools and information.
Our work focuses on harnessing the underappreciated strengths of the poor, an approach inspired by Nobel Laureate Professor Muhammad Yunus and the Grameen Bank in Bangladesh. Our collaborative approach to poverty alleviation recognizes the multidimensional and complex nature of global poverty. We work with private sector companies, non-governmental organizations, government agencies and others to ensure we achieve lasting impact in the regions where we work.
We are headquartered in Washington, D.C., with offices in the U.S., Africa, Asia, and Latin America and the Caribbean. We also work in the Middle East and North Africa through Grameen-Jameel Microfinance Limited, a joint venture, and in India through Grameen Foundation India, a wholly-owned subsidiary.
http://www.grameenfoundation.org/
About MicroFinanza Rating
MicroFinanza Rating (MFR) is a private and independent international rating agency specialized in microfinance, founded in 2000.
Our vision is to operate in a transparent market as a highly qualified information provider in the field of microfinance and responsible investing.
Our mission is to provide the microfinance and responsible finance industry with independent, high quality ratings and information services, aiming at enhancing transparency, facilitating investments and promoting best practices worldwide.
http://www.microfinanzarating.com/
LOLC(Cambodia) Plc. becomes the first MFI to receive the new standard PPI Certification by MicroFinanza Rating, a licensed Grameen Foundation rating agency
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