Hyderabad, India (PRWEB) January 24, 2006
SKS Microfinance (SKS, http://www.sksindia.com) has won a Merit Award for financial transparency from The Consultative Group to Assist the Poor (CGAP, http://www.cgap.org), a division of the World Bank. In its second year, the award attracted over 175 applicants from 57 countries. Of the five winners and 63 merit awardees, only two were from South Asia and SKS was the only winner from India.
SKS won based on its compliance with international disclosure guidelines, including industry-specific CGAP Disclosure Guidelines and the widely accepted International Financial Reporting Standards. Financial statements were scored by 10 reviewers based in Latin America, Africa, the Middle East, Europe, and North America. Each of the reviewers is a finance or accounting and auditing professional.
“We are honored to be recognized for our commitment to financial reporting and transparency,” said SKS Founder and CEO, Vikram Akula. “We prioritize such transparency because it provides assurance to both capital markets as well as to our clients that their funds will be safely and productive managed. As the industry continues to grow, it’s extremely important for all MFIs to achieve this standard, and we thank CGAP for leading this effort.”
"The institutions that participated in this year's competition are doing more than improving the world of microfinance: They are helping make microfinance institutions' performance better understood by the general public and helping build more inclusive financial systems for the poor," said CGAP CEO, Elizabeth Littlefield.
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