Prepared by Bonnie Brusky (CERISE), Cécile Lapenu (CERISE, Amelia GreenBerg (SPTF) and Kinga Dabrowska (MFC) in collaboration with the e-MFP Making Microfinance Responsbible Action Group, October 2018.

The publication distills lessons from five years of promoting the Universal Standards as a framework for responsible microfinance by drawing on interviews and online surveys conducted by CERISE in early 2018 with 22 financial service providers, 12 investors, 80 SPI4 qualified auditors and seven national networks. In addition, the analysis integrates feedback from investors at the SPTF Social Investor working group meetings (India, February 2018 and Luxembourg, June 2018), on how in general the Universal Standards can shape and strengthen investors' operations and strategies for responsible investment.

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