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
Mikro Kapital Romania Romania December 2020
AFI Greece Renewed December 2020
November 2017
BCR Social Finance
(formerly Good.bee)
Romania Renewed December 2020
November 2017
Fundacja Kaliski Poland December 2020
Artigiancredito Italy October 2020
BCRS UK Renewed October 2020
June 2017
Microfinance Ireland Ireland Renewed October 2020
April 2017
Slovene Enterprise Fund Slovenia Renewed October 2020
July 2017
Ustoi Bulgaria October 2020
OCWP OCWP Poland June 2020
BMVK Alapítvány BMVK Alapítvány Hungary June 2020
PerMicro Italy Renewed June 2020
April 2017
ADIE France Renewed June 2020
April 2017
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 October 2019
Capitalia Latvia October 2019
Budapest Foundation for Enterprise Promotion Hungary October 2019
Maritza Invest Bulgaria October 2019
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 December 2018
FED Invest Albania December 2018
Cofiter Italy December 2018
Fredericks Foundation UK December 2018
NOA Albania Albania December 2018
SIS Credit Bulgaria December 2018
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

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