MFTransparency, a US-based nongovernmental organization launched in 2008 that aims to provide information on credit products and pricing, and the Ghana Microfinance Institutions Network (GHAMFIN) have partnered to expand MFTransparency’s Transparent Pricing Initiative to Ghana with the aim of collecting and publishing pricing data for microfinance products offered in Ghana and providing training on financial literacy for microfinance clients.The Transparency Pricing Initiative in Ghana marks the launch of the fifth country project in the Enabling APR and EIR Program (Enabling Africa to Price Responsibly and Educate on Interest Rates), sponsored by Canada’s MasterCard Foundation. The main objective of the Enabling APR & EIR Program is to promote consumer protection through microfinance product pricing transparency.
GHAMFIN provides training, industry monitoring and microfinance product services to approximately 240 member institutions.
By Jacqueline Foelster, Research Associate
About MFTransparency: MFTransparency is a nongovernmental organization that aims to provide “information on credit products and their prices in a clear and consistent fashion” for the microfinance industry. MFTransparency collects data on the interest and fees charged on microfinance loan products in order to calculate the effective interest rates on those loans. Its intention is to establish the industry standard for pricing disclosure and to facilitate a fair exchange of microfinance products between suppliers and consumers. MFTransparency was launched in July 2008 and is based in the US. According to its website, between MFTransparency’s launch and February 2011, 691 industry leaders have endorsed its efforts, including representatives of microfinance institutions and apex banks serving 107 million clients worldwide.
About Ghana Microfinance Institutions Network (GHAMFIN): GHAMFIN is an association of microfinance institutions (MFIs) in Ghana. GHAMFIN provides training, industry monitoring and microfinance product services to approximately 240 member institutions.
Sources and resources:
[1] MFTransparency Press Release, “MFTransparency and the Ghana Micro Finance Institutions Network to Launch the Transparent Pricing Initiative in Ghana”, http://www.mftransparency.org/pages/mftransparency-and-the-ghana-micro-finance-institutions-network-to-launch-the-transparent-pricing-initiative-in-ghana/
MicroCapital.org Article, April 12, 2010, “Ghana Microfinance Institutions Network (GHAMFIN) Says Proposed Capitalization Requirements May Not Go Far Enough”, https://www.microcapital.org/microcapital-brief-ghana-microfinance-institutions-network-ghamfin-says-proposed-capitalization-requirements-may-not-go-far-enough/
MicroCapital.org Article, January 20, 2010: “MFTransparency Launches Transparent Microfinance Pricing Initiative in Togo and Benin”, https://www.microcapital.org/microcapital-brief-mftransparency-launches-transparent-microfinance-pricing-initiative-in-togo-and-benin/
MicroCapital Microfinance Universe Profile: MFTransparency, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=MFTransparency
MicroCapital Microfinance Universe Profile: Ghana Microfinance Institutions Network (GHAMFIN), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Ghana+Microfinance+Institutions+Network
Browse the MicroCapital Universe and add your entry to the wiki at: https://www.microcapital.org/microfinanceuniverse/
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