The Rural Financial Network, through a strategic alliance and technical assistance contract with Oikocredit, has been proposed for this first semester of 2011, to carry out Audits and Social Ratings for the members of the RFR who, as FODEMI, have operations and direct relationship with this investor Social.
The SPI (Social Performance Indicators) tool, commonly known as Social Audit, arouses interest in MFIs (Microfinance Institutions) for self-evaluating issues related to their social performance, allowing to measure their orientation and execution of the social mission. The application of the SPI makes it possible to detect and undertake improvement plans in certain work areas that require reinforcing their social performance management. It also clearly identifies current social performance practices that link officials, clients, partners and the community in general. This tool is compatible with the Mix Market indicators, and the main idea would be to support said report with the social audit.
It is important to consider that the current cost of the audit is well below a social rating and undoubtedly represents a latent opportunity for institutions that need to measure social management.
In order to improve its social qualification and therefore its social performance practices, FODEMI will execute this methodology with the support of the RFR for next June.
It should be noted that there were only ten MFIs chosen for the consultancy, FODEMI being one of these institutions.