Shared Value Awards for Good Shepherd Microfinance and its partners

Shared Value Awards for Good Shepherd Microfinance and its partners

Good Shepherd Microfinance and its partners had a successful night at the 2016 Shared Value Awards.

The Shared Value Awards, presented annually by the Shared Value Project and media partner AFR BOSS, recognise efforts to address complex social challenges impacting society while creating measurable economic benefits and enhancing competitiveness. They also recognise the adoption of shared value as a broader business strategy, and leaders who are championing this way of doing business.

Good Shepherd Microfinance CEO, Adam Mooney, accepts the organisation’s Shared Value Award
Good Shepherd Microfinance CEO, Adam Mooney, accepts the organisation’s Shared Value Award

Good Shepherd Microfinance was recognised for its leadership, taking home the ‘Civil society organisation leading through shared value’ award.

Good Shepherd Microfinance CEO, Adam Mooney, said community organisations are an essential part of the shared value concept because they are connected to the community, and because the community places a lot of trust in them.

“I think that trust is a very significant strength. We can apply this goodwill and knowledge we have to help businesses understand the aspirations and situations of all parts of the community, to design suitable products, and offer them without the cynicism large organisations often face.

“We wouldn’t leverage our goodwill to be associated with companies who see corporate responsibility as a box that needs to be ticked. It’s reserved for those who have a genuine, long term scalable commitment to seeing strengths in all people.  This means that together we recognise and apply these strengths to bring about measurable community wellbeing and connectedness, as defined by that community. That’s the type of organisation you meet through the Shared Value Project,” said Mr Mooney.

Good Shepherd Microfinance’s partners IAG, Suncorp and NAB were also recognised. IAG was awarded ‘Corporate organisation leading through shared value’, a category for which NAB was highly commended. While Suncorp won ‘Shared value project by an organisation or collaboration’ for Essentials by AAI – insurance for people on low incomes, developed in collaboration with Good Shepherd Microfinance.

The Suncorp team poses with their Shared Value Award
The Suncorp team poses with their Shared Value Award

The winning formula

Good Shepherd Microfinance’s approach to Shared Value is to listen to client, and to be the voice of the client in the development of our programs in partnership with others. This formula has led the development of:

  • Financial Inclusion Action Plans – supporting organisations to explore how they can contribute to a fairer, more just society by making their own products or services more financially inclusive.
  • Good Insurance – working with Australia’s biggest insurance companies to create affordable, simple and effective insurance policies for people on low incomes.
  • Good2GoNow – a partnership with The Good Guys providing low prices on a range of essential household items through a service that is safe, non-exploitative and trusted.
  • No Interest Loan Scheme (NILS) – loans of up to $1,200 for essential household goods and services. The NILS program has created shared value through the integration of new programs such as Good Insurance and Good2GoNow.

These programs, whilst serving financially excluded customers with a focus on women and Aboriginal and Torres Strait Islander peoples, also build brand equity for our partners. As people on low incomes move along the financial continuum towards stability and resilience, they become the customers of tomorrow.

We measure success through indicators agreed with our partners, impact evaluations and regular surveys with clients and providers.

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