Library Publications Public Relations Policy in MFIs – A “Nice To Have” or Necessity?

Public Relations Policy in MFIs – A “Nice To Have” or Necessity?

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This note highlights the increasing importance of public relations (PR) policies, and need for a structured approach to handle PR for a microfinance institution (MFI). The PR function has come a long way from being an external media communicator, to one that now plays the role of a "catalyst of change" - change in belief, perception of organisation's internal and external public.  As the financial services market for the low income segment grows, and matures, public relations will necessarily have greater influence over organisations' strategic decisions. The key is appropriate, transparent communication measures, and effective relationship management, which will involve concerted efforts from all stakeholders. A well executed PR policy can play a game changing catalytic role in creating loyal customers, quality portfolio, and a strong market reputation.

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