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LOLC received the S.T.A.R certification from MIX Market
Phnom Penh, Cambodia (January 19, 2015) – LOLC(Cambodia) Plc. has been awarded the S.T.A.R certification by MIX Market, a worldwide platform aiming at strengthening the social responsibility of the microfinance sector.
MIX Market is a non-profit organization which provides company’s profiles, data analysis, and market researches in order to enhance the transparency and insight in the microfinance sector. Based on MFI voluntary disclosure of their social and financial information, MIX Market can assess and potentially reward their social and financial performance, therefore generating reputational incentives to successful MFI.
It is based on the MFI level of compliance with the Social Performance Task Force’s (SPTF’s) Universal Standards of Social Performance Management (USSPM), an international initiative seeking to develop an extensive understanding of MFI social performance and ways to improve it.
As a regulated Cambodian MFI with a social vision and a business orientation, LOLC has successfully met all highly-demanding requirements to become an approved S.T.A.R MFI: Define and Monitor Social Goals; Ensure Board, Management, and Employee Commitment to Social Goals; Treat Clients Responsibly; Design Products, Services, Delivery Models, and Channels that Meet Clients’ Needs and Preferences; Treat Employees Responsibly; Environmental Policies in Place.
By obtaining this certification, LOLC become one of the only 3 MFI in Cambodia to have reached the required level of compliance to be awarded the S.T.A.R certification.
This achievement rewards the numerous efforts that LOLC makes to enhance its social performance and comes along with different initiatives it had undertaken throughout the years such as the implementation of the Smart Campaign Client Protection Principles, the use of the Progress out of Poverty Index tool, and the development of an environmental and social performance management. LOLC Management has indeed always been keen to drive LOLC towards a highly financially responsible and socially effective microfinance institution.
Thanks to all LOLC staff for their involvement in this landmark success!
About MIX Market
MIX Market is a data hub where microfinance institutions (MFIs) and supporting organizations share institutional data to broaden transparency and market insight. This exchange enables users to establish reporting standards, alleviate reporting burden, and promote responsible investment. Supported by validated social and financial performance data, MIX Market provides analysis on risks and opportunities in the markets where MFIs operate.
This platform is provided by MIX. MIX promotes responsible financial services for underserved communities through data analytics and market insight. Incorporated in 2002, MIX is a non-profit organization headquartered in Washington, DC with regional offices in Africa, Asia, Europe, and Latin America.
www.mixmarket.org
the S.T.A.R certification from MIX Market
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