MFTransparency, a US-based nongovernmental organization (NGO) that aims to provide information on credit products and pricing, and Grameen Crédit Agricole Microfinance Foundation, a nonprofit organization established in Luxembourg in 2008, recently announced that the two outfits have partnered to host the West African Transparent Pricing Workshop on March 3, 2011, in Dakar, Senegal. The event will bring together representatives of microfinance institutions (MFIs), microfinance networks, government officials and financial regulators for a one-day training workshop to promote pricing transparency standards followed by a half-day conference on current topics in West African microfinance markets.
The following microfinance organizations were also involved in organizing the event: the African Microfinance Network (AFMIN), which is based in Benin; the International Network of Alternative Financial Institutions (INAFI), which is based in Senegal; the Association des Systèmes Financiers Décentralisés du Sénégal (APSFD) and Agence Nationale Chargée de la Promotion de l’Investissement et des Grands Travaux (APIX) also of Senegal.
The conference will focus on providing regulators with the skills required to develop effective policies for client protection and interest rate disclosure in microfinance. MFTransparency Vice President Alexandra Fiorillo said, “Direct communication between all market players is key for a strong microfinance industry. The West African Transparent Pricing Workshop will focus on building relationships between stakeholders, as the successful implementation of new policy is a necessarily inclusive process [1].”
By John Howard-Smith, 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, since MFTransparency’s launch, 691 industry leaders have endorsed its efforts, including representatives of microfinance institutions and apex banks serving 107 million clients worldwide as of February, 2011.
About Grameen Crédit Agricole Microfinance Foundation: The Grameen Crédit Agricole Microfinance Foundation was founded in 2008 with a EUR 50 million (USD 73 million) endowment provided by Crédit Agricole SA, a French retail bank, and Grameen Trust (GT), a nonprofit microfinance organization based in Bangladesh. The foundation offers a range of financing products to microfinance institutions (MFIs) and targets MFIs that prioritize transparency and consumer protection. The foundation focuses on MFIs dedicated to agricultural and rural development, specifically those serving primarily women.
[1] MFTransparency Press Release: “MFTransparency and the Grameen Crédit Agricole Microfinance Foundation to Host the West African Transparent Pricing Workshop in Dakar, Senegal”, http://www.mftransparency.org/pages/mftransparency-and-the-grameen-credit-agricole-microfinance-foundation-to-host-the-west-african-transparent-pricing-workshop-in-dakar-senegal/
MicroCapital.org story, February 23, 2011: “MICROCAPITAL BRIEF: MFTransparency Announces “Transparent Pricing Initiative” in Uganda, Gains Participation From Nine Microfinance Institutions (MFIs) Including Micro Enterprise Development (MedNet), Kacita, Y-Save”, https://www.microcapital.org/microcapital-brief-mftransparency-announces-%E2%80%9Ctransparent-pricing-initiative%E2%80%9D-in-uganda-gains-participation-from-nine-microfinance-institutions-mfis-including-micro-enterprise-devel/
MicroCapital.org story, January 10, 2011: “MICROCAPITAL BRIEF: MFTransparency Launches Transparent Pricing Initiative in Rwanda Aiming to Reduce Interest Rates on Microfinance Loans”, https://www.microcapital.org/microcapital-brief-mftransparency-launches-transparent-pricing-initiative-in-rwanda-aiming-to-reduce-interest-rates-on-microfinance-loans/
MicroCapital’s Microfinance Universe profile: MFTransparency, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=MFTransparency
MicroCapital’s Microfinance Universe profile: Grameen Crédit Agricole Microfinance Foundation, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Grameen+Credit+Agricole+Microfinance+Foundation
Browse the MicroCapital Universe and add your entry to the wiki at https://www.microcapital.org/microfinanceuniverse/
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