Changing the initiative known as the “Seal of Excellence Poverty Outreach and Transformation in Microfinance” to “Truelift” comes as step toward inclusiveness and continued commitment to the betterment of lives of poor.
Truelift provides a strategic framework for pro-poor microfinance, including standards and indicators. Truelift also promotes a learning environment for improved products, services, and delivery channels.
With the new name change, Truelift redefines for us “The Pro-Poor Seal of Excellence” as highest level of performance and certification MFIs can receive from Truelift. MFIs reach this fourth and final level by meeting standards on sustainability, responsible financial performance, client protection and social performance management as well as achieving the three Pro-Poor Principles.
How do you achieve the Pro-Poor Seal of Excellence?
Here are the principles (read the full post):
- Principle 1: Purposeful Outreach to People Living in Poverty
- Principle 2: Services that Meet the Needs of People Living in Poverty
- Principle 3: Tracking Progress of People Living in Poverty
Each of the Pro-Poor Principles consists of four sub-categories:
- Intent and Strategy: Does the organization have a plan to reach its goals?
- Measurement and Data Quality: Does the organization use systematic data collection in its work?
- Results Achieved: Does the organization deliver on its plans?
- Reporting and Use of Information: Does the organization react to information it collects and adapt to get better?
And here is how Truelift defines poverty (read the full post):
- “As a simple global benchmark, [Truelift will] reference a poverty line that approximates the bottom ~40% of the population.”
- “This definition intentionally reflects a level that is practical, achievable and relevant to ensuring deep financial inclusion. Broadly, it represents outreach to the bottom half of the financially excluded.”
Want to stay in the loop about all the happenings of Truelift? Join the Poverty-focused Microfinance Community of Practice (PovCoP) here!