Digital finance presents a tremendous opportunity to increase financial inclusion for low- income groups. Digital financial inclusion involves the deployment of the cost-saving digital means to reach currently financially excluded and underserved populations with a range of formal financial services suited to their needs that are responsibly delivered at a cost affordable to customers and sustainable for providers.

In view of the increasing uptake of DFS and a consensus on the need for responsible digital credit, the erstwhile Smart Campaign had developed a set of Client Protection Standards to address risks involved in digital credit. The standards are an important step towards setting the benchmark for “responsible” digital lending practices. The digital credit standards address emerging risks to low-income customers of digital credit.

An assessment using the Digital Credit Standards provides an assessment of the FSP’s practices in relation to client protection. It can help FSPs understand and mitigate potential risks that might impact its clients.

For more information, please contact our CEO, Sudhir Narayan, sudhirnarayan@m-cril.com