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TBC Credit joins Campaign for Client Protection

02 June 2009 13:05 (UTC +04:00)

Baku. Elnur Huseynguluyev â€“ APA-Economics. Azerbaijan-based TBC Credit non-bank lending institution (former SOA Credit) has joined a Campaign for Client Protection in Microfinanceâ€”a broad-based initiative to unite microfinance providers in commitment to the campaign standards for the appropriate treatment of low-income clients.

Designed to maintain and extend the microfinance industry’s dedication to the welfare of its clients in a period of rapid growth, the campaign will promote a Microbanker’s Oath, akin to the Hippocratic Oath, articulating six core principles:

* Avoidance of reckless lending that creates over-indebtedness
* Transparent and fair pricing
* Collections practices that are not abusive or coercive
* Ethical standards for staff
* Recourse mechanisms for client problems
* Privacy of client data

The campaign is performed by the Center for Financial Inclusion which works on behalf of the microfinance industry as a whole, serving as a bridge to leverage private sector interest in microfinance.

Established in Azerbaijan in 1999, SOA Credit changed its name to TBC Credit after being acquired by Georgiaâ€™s TBC Bank in May 2007. The company has started lending loans since 2000.
Georgiaâ€™s TBC Bank took a 75% stake in SOA Credit.
As of January 1, TBC Credit posted its loan portfolio at $18.5 million.