Promoting Responsible Investment in the Inclusive Finance Sector

 triple jump 2     Grassroots capital management logo.jpg logo

The SPTF Social Investor Working Group works to advance responsible investment in financial inclusion. The group is led by SPTF board members Christophe Bochatay of Triple Jump and Anna Kanze of Grassroots Capital Management.

The working group is open to all investors seeking financial and social returns. Currently, there are more than 300 investor members representing over 100 organizations in the working group. The group meets twice a year in person, typically once in February/March and once in June, and holds several webinars throughout the year.  The working group is facilitated by SPTF Secretariat member Katie Hoffmann. For questions, or to join the Social Investor Working Group, please contact This email address is being protected from spambots. You need JavaScript enabled to view it..

2018 Social Invstor Working Group Meeting

The most recent SPTF Social Investor Working Group meeting took place in Luxembourg on June 18-19, 2018 and was hosted by the Ministry of Foreign and European Affairs (MAEE) in partnership with the Inclusive Finance Network Luxembourg (InFiNe.lu).

  • Read the agenda here.
  • Review Day 1 presentations here
  • Review Day 2 presentations here.
  • Read the executive summary here and the full minutes here.
  • Review the recommended pre-reading materials here.

For any questions or input to the agenda, please contact This email address is being protected from spambots. You need JavaScript enabled to view it..

Previous meetings

February 2018 meeting in conjunction with the SPTF Annual Meeting in Mamallapuram, India. 

June 2017 meeting in conjunction with the SPTF Annual Meeting in Mexico City.

March 2017 meeting at the University of Zurich hosted by the Swiss Agency for Development and Cooperation (SDC), the Swiss Capacity Building Facility (SCBF), and the University of Zürich’s Centre for Sustainable Finance and Private Wealth.

Current Priorities of the Working Group

  1. Harmonizing investor due diligence and monitoring on social performance through the common tool SPI4 ALINUS.
  2. Evaluating client protection risks in fintech investments during due diligence and ongoing monitoring. SPTF and CDC Group have partnered to develop a webinar series for investors to be held during October 2017 and June 2018.
  3. Aligning efforts with the broader impact investment sector. As part of the World Economic Forum’s initiative to accelerate impact measurement and management, SPTF led the work of an action group to develop guidance on integrating the voice of all affected stakeholders into impact investments and activities of organizations. The work "Engaging All Affected Stakeholders" has now been published and is available here. The Impact Management Project is hosting this work. SPTF has also partnered with the GIIN to develop the Financial Inclusion theme of Navigating Impact, and with UNPRI to help develop the Financial Inclusion area of the Impact Investing Market Map. The alignment work also includes coordinating with IRIS and GIIRS
  4. Assessing S&E performance SME finance to understand "state of practice" of S&E evaluation for FSPs financing SMEs, applicability of Universal Standards and SPI4, assess tools used by MIVs and DFIs, identify existing gaps, and provide recommendations where guidance is needed. 
  5. Other areas of priority include: Harmonizing loan agreements covenants in support of responsible microfinance ("reasonable covenants 2.0"), preventing over-indebtedness (Investment Managers guidelines on over-indebtedness), managing social outcomes (discussions integrated with the SPTF Outcomes Working Group, pricing transparency (discussions integrated with Data Platform pilot), Balanced return expectations & responsible exits in equity investments. 

Webinars 2018, 2017 and 2016

Update on SPTF Social Investor Working Group, October 2018 
Recording
PowerPoint

Update on research for assessing E&S of SME finance institutions, April 2018

Recording
PowerPoint
Framework for E&S assessment of SME finance institutions (draft) - Updated September 2018
Indicators for E&S assessment of SME finance institutions (draft) - Updated Septmeber 2018

IFC Guidelines for Responsible DFS Investment, April 2018

Recording
Guidelines

UNPRI Impact Investing Market Map - Consultation Process Kick off & SPTF as chair of Financial Inclusion theme, November 2017
Recording
PowerPoint

Kick off of GIIN-SPTF collaboration on Navigating Impact Project, November 2017
Recording
PowerPoint

CDC-SPTF Fintech Webinar Series for Investors, October 2017
Recording
PowerPoint

Update on SPTF and Social Investor Working Group, October 2017
Recording
PowerPoint

Can IPOs be responsible? Presented by Anna Kanze (Grassroots Capital Management) and Daniel Rozas, May 2017
Recording
PowerPoint

Update and discussion on SPTF Strategic Planning process and SIWG priorities, May 2017
Recording
PowerPoint

Introducing ALINUS - CERISE, February 2017
PowerPoint
Recording

Overview of the Impact Management Project - Bridges Impact Plus, December 2016
PowerPoint

Discussion on feedback and updates proposed for the Guidelines for setting reasonable covenants in support of responsible finance, September 2016
Recording

Navigating Impact Investing: The Opportunity in Impact Classes - Tideline and Cathy Clark at Duke University, September 2016
Working Paper
Recording

IRIS, SPTF and the Investor Perspective, June 2016
Presentation

Investor Social Outcome Guidelines - Gathering Feedback from Investors, May 2016
PowerPoint

Responsible Pricing - Smart Campaign, April 2016
PowerPoint

Introduction to the SPI4 and SPI4 ALINUS - the common social due diligence and monitoring tool for social investors, February 2016
Recording
PowerPoint

Introduction to the SPTF and the work of the Social Investor Working Group, January 2016
Recording
PowerPoint
 

Past Meetings

In 2016 the group met in New York City (hosted by Deutshce Bank in March) and in Morocco (at the SPTF Annual Meeting in June). To access the presentation and meeting notes from these meetings or from meetings in previous years please contact This email address is being protected from spambots. You need JavaScript enabled to view it..

Other Materials 

Principles for Investors in Inclusive Finance

Lenders Guidelines Project