SMART Client Protection Principles
XacBank’s operations were evaluated by Planet Rating, a French-based internationally renowned microfinance and social rating agency, and in August of 2015 was certified by the Smart Campaign Certification for our outstanding achievement and implementation of globally endorsed Client Protection Principles.
1. APPROPRIATE PRODUCT DESIGN AND DELIVERY
Providers will take adequate care to design products and delivery channels that do not cause clients harm. Products and delivery channels will be designed with client characteristics taken into account.
2. PREVENTION OF OVER-INDEBTEDNESS
Providers will take adequate care in all phases of their credit process to determine that clients have the capacity to repay without becoming over-indebted.
3. TRANSPARENCY
Providers will communicate clear, sufficient, and timely information in a manner and language clients can understand so that clients can make informed decisions.
4. RESPONSIBLE PRICING
Pricing, terms, and conditions will be set in a way that is affordable to clients while allowing for financial institutions to be sustainable.
5. FAIR AND RESPECTFUL TREATMENT OF CLIENTS
Providers will treat their clients fairly and respectfully. They will not discriminate. Providers will ensure adequate safeguards to detect and correct corruption and abusive treatment.
6. PRIVACY OF CLIENT DATA
The privacy of individual client data will be respected in accordance with local laws and regulations and will only be used for purposes specified when the information is collected, unless otherwise agreed with the client.
7. MECHANISMS FOR COMPLAINT RESOLUTION
Providers will have in place timely and responsive mechanisms for complaints and problem resolution for their clients and will use them to resolve problems and improve products and services.
XacBank aims to build a stable and sustainable financial relationship with its clients and the Client Protection Principles articulate the standards of care that clients should expect when receiving financial services from the bank.
In November of 2017, XacBank was evaluated and approved again by Planet Rating for its commitment to client protection. Client Protection Principles have been incorporated into our core operation policies as we work to ever improve our client services.
