On December 22 Qredits received the Certificate of Award for compliance with the European Code of Good Conduct for Microcredit Provision.
The Code of Good Conduct (CoGC) is an initiative of the European Commission and contains more than 170 clauses related to customer relations, governance, reporting standards, risk management and compliance which every MFI is expected to implement. Compliance with the code is also a pre-condition for benefitting from guarantees and support from the European Investment Fund (EIF) an important instrument for microcredit providers.
Qredits was one of the participants in designing the code along with other practitioners, banks, regulators, and funders and was evaluated in 2016 by an independent rating agency for its compliance level. Qredits is proud to be the first European MFI to receive the certificate of award for compliance with the code. It shows how much has been achieved over a short period of time and underlines the fact that Qredits is a best practice example in the European microfinance market.
