Oikocredit annnounces first social audit

Microfinance Monitor, October, 13, 2009: Oikocredit, a Netherlands-based private investor in microfinance, has released the results of its social audit, the first audit of its kind.
Oikocredit’s investments of 370 million euros ($550 million)) have led to positive changes in the lives of  the working poor, said a statement. In the past few years, Oikocredit has taken steps to assess the social performance of its 500 partners in microfinance.
Oikocredit advocates social audit to look not only at the performance of the microfinance institutions, but also to undertake a social audit of private financiers. Oikocredit has collaborated with Cerise in the social audit tool. Cerise serves as an exchange platform on practices in
microfinance. Cerise’s Social Performance Indicator tool, a social audit instrument for microfinance institutions, is recognized by CGAP, SEEP network and donors worldwide. The tool is currently being developed to analyze financier’s internal systems and processes.
Oikocredit collects information on its microfinance partners and draws their attention to tools to enable them to assess their 16.8 million
clients and to improve their products.