Client Protection Principles
Sustainability of SATHAPANA’s business operations is secured providing that customer’s interest is concerned. Mutual benefits can be guaranteed through appropriate product design and right delivery channel the company chooses to serv the customers.
Standards of Principle 1
To ensure appropriate product design and delivery, SATHAPANA sets out four standards as the minimum requirements:
- Products and services shall be designed to meet customer’s need and want with full consideration of the interests of all stakeholders. Our product specifications shall be extensively flexible in order to meet the needs of different segments of the market in Myanmar;
- Products and services shall be channeled by means which safety, security, and interests of all stakeholders are ensured;
- Feedbacks and suggestions shall receive proper consideration to close loopholes of or to retailor our products and services and delivery channels to suit customers’ needs and market’s requirements;
- All SATHAPANA’s employees, especially credit-related staff, shall be well-trained and equipped with sufficient knowledge about the company’s products and services and all the processes required in appropriate service delivery.
SATHAPANA always regards customer’s financial success is its. To partake in guarantee of such success for its customers, SATHAPANA shall always be vigilant to its practices in order to prevent the customers from falling into over-indebtedness in any way.
Standards of Principle 2
SATHAPANA sets out seven standards as the minimum requirements for prevention of over-indebtedness among its customers:
- With whatever reasons, SATHAPANA shall not employ the sales strategy or technique that could lead to overselling or causing over-indebtedness to its customers;
- Loans shall be provided to customers as long as they have plenty repayment ability and it has gone through an adequate cash flow analysis;
- SATHAPANA shall collaborate with all stakeholders, especially regulators, to make credit information available for all the industry players;
- All credit-related staff members are adequately equipped with good knowledge about risk prevention concerning selling of credit products and sound cash flow analysis of their customers;
- Customers are encouraged to remain in business relationship with the company if they fully cooperate in prevention of over-indebtedness;
- SATHAPANA shall lay down adequate requirements for internal inspection, monitoring, and review for branches, related business departments, and internal audit;
- SATHAPANA’s loans are not allowed for moneylenders.
Long-lasting business relationship with stakeholders, especially customers, is what SATHAPANA always pursues. Developing such relationships requires mutual trust between the customers and the company. To win trust from our customers, we must take full consideration on maintaining transparency in doing our business with them.
Standards of Principle 3
SATHAPANA practices five standards to honor its commitment being a transparent microfinance institution:
- None of the customers shall conclude a business deal with SATHAPANA without clear knowledge about product features, conditions, obligation, processes, and requirements they need to know and meet;
- Plenty of time shall be given to any prospects who want to have business deals with SATHAPANA;
- SATHAPANA shall welcome and create cooperative work environment for all stakeholders to review, inspect, audit, or trace back its activity when required;
- SATHAPANA shall employ as many means as required to communicate with its customers to ensure they stay tuning in;
- None of its customers shall not receive clear reasons for cutting business deals if SATHAPANA has to do so;
- All customers shall have privilege to receive information about their accounts and transactions as required.
Pricing is one of the main factors which defines how long the business deals between SATHAPANA and its customers can last. As SATHAPANA always wants to have long-term business relationships with all stakeholders, especially customers, SATHAPANA shall take great care about its pricing policy to make sure it is affordable, reasonable, and competitive in the market.
Standards of Principle 4
SATHAPANA shall use the following standards to ensure reasonable and competitive pricing policy:
- Interest rates and other charges shall be competitive in the market that ensure acceptable profitability for the company and affordability for the customers;
- Pricing policy should guarantee adequate risk coverage and in compliance with laws and regulations;
The five core values of the company clear imply how SATHAPANA builds and maintains business relationships with its customers. The core values guide the company to developing strategies, policies, and procedures where the process of service delivery must ensure the existence of fair and respectful treatment of its clients.
Standards of Principle 5
The following minimum standards shall additionally encourage such operational and administrative materials as policies and procedures to encompass this principle:
- All customers shall be serviced through official delivery processes;
- SATHAPANA’s employees must be attached to courtesy, politeness, and gentle manner at all circumstances when dealing with people;
- SATHAPANA’s staff members shall be well trained about products and services, policies, and processes to create professional uniformity in service delivery;
- All customers shall have the same access to basic hospitality provided at each SATHAPANA’s office;
- Customers, regardless of their origin, race, region, political belief, language, etc., shall have the same access to all the products and services SATHAPANA offers, but they may receive the products and services with different specifications and conditions depending on their requirements and qualifications and risk assessment conducted by SATHAPANA;
- Customers shall have privilege to make decision whether to have a business deal with SATHAPANA without fear;
- Third parties must align themselves with this standard if they wish to have business deals with SATHAPANA.
As SATHAPANA take building trust for its customer into account, privacy and confidentiality of customer data shall receive full consideration from employees at all levels and circumstances. SATHAPANA has laid down the following minimum standards to promote prevalence of such consideration in the company:
Standards of Principle 6
- All SATHAPANA’s business strategies, policies, procedures, and processes must ensure no violation to customer’s privacy;
- SATHAPANA shall employ filing systems either manual or electronic with good security level or encryption;
- Proper levels of access to customer’s personal and account information must be clearly defined to ensure any access is done in good faith or in ordinary business activity;
- No customer information is share with any third party without customer’s consent;
SATHAPANA needs a proper mechanism for resolving complaints to promote customer satisfaction and to meet all the requirements of the above six principles. The standards below have been set out to create a formal mechanism for processing complaints from the public:
Standards of Principles-7
- SATHAPANA shall form a committee to handle or resolve complaints;
- The complaint mechanism shall make as many channels as possible available to the complainants and ensure all the complaints are resolved carefully, effectively;
- All employees shall receive adequate trainings and clearly understand the complaint mechanism;
- The public, especially customers, shall be adequately informed about the complaint mechanism and channels.
Agriculture and husbandry promote food security and enhance family income level. Better and variety of agricultural and husbandry farming can be operated with SATHAPANA’s agricultural loan.
Businesses enhance living standards through creating of employment opportunities and generating household income. SATHAPANA’s mini-business loan help its clients for start up and expansion of their businesses.
The availability of health, education and compulsory household expenses in needy time is of vital importance for development of the standards of living. SATHAPANA’s consumption loan can help its clients out of financial difficulty and promotes their living standards.
Savings make you free from worries of money and having of more choices & options in life. And savings can also be used in needs of
future and invested for growth. SATHAPANA always encourage saving practice to its clients.
Client Right and Responsibilities
- Both customer and potential customer have the right to be treated with fair and respect, without having any discrimination, regardless of race, religion, color and gender.
- Customer has the right to enquire clear, truthful and timely information with transparency before taking any financial service and making any decision.
- Customer has the right to decide which product or service he/she want to use.
- Customer has the right to refuse any kind of product and service.
- Customer has the right to privacy of his/her personal and financial data. Such data will be respected and kept as confidential and it will only be used specified purposes at the time of information is collected.
- SATHAPANA encourages customer satisfaction. Customer has the right to complain to the following address, telephone and email address for any inconveniences and dissatisfaction if occurred.
- Both customer and potential customer also have the responsibility to treat with fair and respect in dealing with loan officer and other client members.
- Customer has the responsibility to provide the true and correct information honestly to loan officer to make proper assessment and judgment to protect client and his/her family from being over indebtedness.
- Customer has the responsibility to evaluate the potential status of his/her business with the help of loan being provided and the cost of financial product thoroughly and make prudential decision.
- Client has the responsibility to comply the terms and condition of the contract and follow strictly.
- Customer has the responsibility to inform SATHAPANA head office for any kind of fraud, corruption and unethical behavior in the process of taking financial service.
- Customer also has the responsibility to protect other group member’s personal sensitive information and financial information.
- Customer has the responsibility to make timely repayment as per the loan contract.