In October 2002, the members of the Microfinance Council adopted the microfinance institutions’ Code of Ethics. The formulation of the Code is a follow-up action to concerns about unhealthy competition raised at the previous Annual General meeting held on September 11, 2002. The Code was formulated to define a code of conduct for institutions engaged in microfinance. It sets out expected institutional behavior of MFIs towards clients, co-microfinance institutions, staff, and defines relations with funding agencies, loan providers and government agencies.
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