Microfinance NGOs shall conduct its 19 operations in accordance with the basic principles of micro finance, which include, but are not 20 limited to the following:
a. The State recognizes Microfinance NGOs as its effective partners in promoting social welfare and development and pursuing poverty alleviation and holistic transformation and acknowledges micro finance as a viable solution to empower the poor;
b. The poor shall be given access to appropriate financial services that are convenient, flexible, and reasonably priced, including, but not limited to credit, savings, and insurance;
c. Microtinance shall be undertaken on a sustainable basis, where providers shall be able to recover all of its costs to allow sustainable operation and regular provision of financial services to the poor;
d. Microfinance NGOs shall aim to provide both financial and social protection programs to an increasing number of disadvantaged and for underprivileged people;
e. Microfinance NGOs shall abide by the Client Protection Principles, such as, but not limited to, appropriate product design and delivery, prevention of over-indebtedness, promotion of transparency, practice of responsible pricing, fair and respectful treatment of clients, privacy of client data and mechanisms for complaint resolution;
f. Microfinance NGOs shall develop financial, social, and governance performance standards that shall help define and govern the industry toward greater outreach and sustainability. 109. Mierofinance NGOs shall develop and provide the appropriate community development II projects and programs to ensure attainment of social welfare and holistic transformation 12 of the poor.
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