European Code of Good Conduct Evaluation


MFR’s independent evaluation publicly recognizes European microcredit providers complying with the European Code of Good Conduct (CoGC) for Microcredit Provision.

Developed by the European Commission, the Code sets out operational and reporting standards and good practices tailored to the microcredit sector in the European Union. To be able to benefit from EaSI Microfinance Guarantee or EaSI Technical Assistance, non-bank microcredit providers must sign up to the Code and banks must endorse it.


The CoGC evaluation allows European microcredit providers to:

  • Improve governance, decision-making, systems and practices by aligning to a set of accepted standards and best practices
  • Improve access to long-term funding
  • Facilitate access to technical assistance facilities
  • Better understand clients’ risks to ensure they are treated fairly
  • Demonstrate to regulators that the sector operates according to sound business practices and principles, and that it is well governed


All microcredit providers operating in the European Union that wish to improve their practices and access to long-term funding.

How it works?

In order to obtain the award, a European microcredit provider must comply with all priority clauses and achieve 80% of compliance with the clauses applicable to the provider. This minimum threshold is referred to as the global marking.


The process is divided into three phases:

Pre-evaluation Phase


Evaluation Phase


Post-evaluation and Post-award Phase

The post-evaluation process depends on the Steering Committee’s decision on award.

Microcredit Provider Country Date of the Award
Qredits The Netherlands Renewed March 2020
December 2016
Patria Credit Patria Credit Romania March 2020
Romcom Romcom Romania March 2020
VITAS VITAS Romania March 2020
Confeserfidi Confeserfidi Italy March 2020
FULM Saving House FULM Saving House North Macedonia March 2020
CAR CAR Europa Romania March 2020
CAR Petrila Romania March 2020
BT Mic BT Mic Romania March 2020
IMF Oportunitas Spain January 2020
Capitalia Latvia January 2020
Budapest Foundation for Enterprise Promotion Hungary January 2020
Maritza Invest Bulgaria January 2020
CAR Straja Lupeni Romania August 2019
CAR Unirea Hunedoara Romania August 2019
CAR Unirea Petrosani Romania August 2019
Initiative France Initiative France France August 2019
Mikrofond Bulgaria Mikrofond Bulgaria August 2019
CAR CFR Ramnicu Valcea Romania May 2019
Agroinvest Serbia May 2019
OMRO Romania May 2019
PRIMOM Hungary May 2019
Microlux Luxembourg May 2019
NOA Croatia Croatia February 2019
FED Invest Albania February 2019
Cofiter Italy February 2019
Fredericks Foundation UK February 2019
NOA Albania Albania February 2019
SIS Credit Bulgaria February 2019
KEPA implementing MicroSTARS Greece August 2018
Credal Belgium August 2018
Microstart Belgium April 2018
FAER Romania April 2018
Fondi BESA Albania April 2018
CAR Zarand IFN Romania March 2018
CAR Unirea Deva IFN Romania March 2018
CAR Decebal IFN Romania March 2018
CAR CFR Petrosani IFN Romania March 2018
CAR Ulpia IFN Romania March 2018
TISE Poland November 2017
AFI Greece November 2017
Good.bee Credit Romania November 2017
Slovene Enterprise Fund Slovenia July 2017
BCRS UK June 2017
PerMicro Italy April 2017
ADIE France April 2017
Microfinance Ireland Ireland April 2017

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