The financial inclusion organization Crystal has earned another international recognition, being awarded the Silver Certificate in Client Protection this time. The award confirms that Crystal is strongly committed to observing global customer protection principles, implementing reliable and transparent approaches, responsible and prudent lending policies to avoid over-indebtedness, showing utmost care for personal data protection, and promoting economic empowerment and access to finances for customers.
The certificate was issued by the global microfinance rating company – MFR, which is based on internationally recognized standards and criteria for customer protection. It confirms that Crystal meets all the standards necessary for adequate client protection and is constantly progressing in accordance with modern practices. It is noteworthy that the company earned the highest scores in such criteria as transparency, responsible financing, fair and responsible approaches to customer service and ethical standards, as well as protecting the confidentiality of customer data.
“The MFR Silver Certificate confirms that the activities of Crystal are fully compliant with all customer protection standards and are constantly advancing in accordance with leading international practices. Certification was a responsible, comprehensive and, at the same time, very useful process, which involved thorough assessment of the customer service area and updating the approaches and procedures in line with the best standards. Meanwhile, recognition puts greater responsibility on us, as work on customer protection is a continuous process and, obviously, it will continue after transformation into a microbank as well. As a result of obtaining the certificate and an internationally recognized status, Crystal has positioned itself as a responsible, transparent financial institution, distinguished by high ethical standards and focused on financial sustainability, enjoying strong reputational reliability among local and international partners, existing and new investors“, said Ilia Revia, Chief Executive Officer of Crystal.
The award of the certificate was preceded by a long in-depth study conducted by MFR experts.
The certification process was supported by Proparco, a long-standing partner of Crystal, which constantly helps partner institutions ensure that their activities comply with international standards of transparency and are directed towards responsible financing. “At Proparco, we support microfinance stakeholders with responsible and social practices that have a major impact on vulnerable populations. This is why we are proud to see the commitment of our esteemed partner Crystal recognized and rewarded by the Client Protection silver certification. We are convinced that it will lead the way and set an example for many other MFIs.” said Mélody Sang, Head of Technical Assistance and Blending at Proparco.
Customer protection, client interests, and inclusion are at the heart of Crystal’s activities. The company is currently going through the banking transformation, which further reinforces the importance of the earned recognition.