Putting people before profit by transforming the financial sector
Global Alliance for Banking on Values (GABV), Oikocredit and Maanaveeya are co-hosting a summit on 23 February 2018 in Hyderabad, India to highlight the opportunities for microfinance institutions (MFIs) to become small finance banks (SFBs) whilst remaining true to their social mission. The event brings together representatives from 15 financial institutions/stakeholders across India.
GABV puts people before profit, through increased transparency and using finance to promote sustainable economic, social and environmental development. Oikocredit became a supporting partner of GABV in January 2017, and through this event seeks to facilitate the connection between its partners which have transitioned or are transitioning into banks and the GABV. The combination of GABV’s lobbying network and wealth of knowledge with Oikocredit’s focus on social performance and financial inclusion provides a framework through which banks can cater to the needs of low-income people and their communities.
Ging Ledesma, Oikocredit director of social performance and investor relations said: “Keeping clients at the centre, making available appropriate products and services and helping clients to improve their lives must continue to be our focus rather than the limited focus of only maximising shareholder value. We believe this is where a network such as GABV can provide support.”
“Partnering with Oikocredit, the GABV is growing stronger in its efforts to promote values-based banking worldwide. We are enthusiastic to work together and make sure that finance support sustainable development and empower people worldwide. Together we can truly reach the most vulnerable people, support their empowerment and ensure people are put before profit.” Stated Marcos Eguiguren, Executive Director of GABV