Microfinance organizations that are members of the Association of Microfinance Organizations of Kazakhstan have approved a Code of Business Ethics aimed at strengthening the principles of ethical and responsible conduct of MFOs in the microcredit market.
Members of AMFOK recognize that the tightening of legislation is directly linked to unethical and irresponsible behavior in the market, as well as abuses committed by certain participants in circumvention of regulatory requirements. The greater the number of violations and abuses, the stricter the regulatory response. This is an axiom that requires no proof.
Therefore, the norms established in the Code of Ethics should not remain merely declarative intentions but must serve as a guarantee of a stable and favorable legal regulatory framework for microfinance activities.
For example, at one time it was AMFOK that initiated the introduction of mandatory biometric identification. Today, according to data from the financial regulator, the number of fraud cases has decreased by 5.5 times.
Accordingly, we hope that this initiative will also yield positive results.
Members of the Association are focused on the long-term and strategic development of the MFO market rather than short-term gains driven by the pursuit of immediate profit.
Participation of MFOs in AMFOK should become a benchmark of corporate transparency, an indicator of commitment to ethical standards of conduct in the lending market, and, consequently, a symbol of trust on the part of investors, business partners, society, and the state.
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