Protection of microfinance borrowers from over-indebtedness caused by granting of loans beyond the repayment capacity of the borrowers which, then, can potentially get manifested into coercive recovery practices. Enabling the competitive forces to bring down the interest rates by way of enhanced transparency measures. Enhancement of customer protection measures by way of strengthening them and extending them to all regulated entities.
The widespread adoption of the Code will benefit everyone involved in the FX industry, regardless of where you sit in the market. It is worth noting the Code is principles-based rather than rules-based. This is to encourage market participants to think about their practices and how their activities comply with the principles, rather than working narrowly to a set of rules.