MFTransparency, a U.S.-based non-governmental organization which promotes accurate and transparent pricing in the microfinance industry, recently expanded its transparent pricing initiative to 82 microfinance institutions (MFIs) in India. In total, 82 MFIs in India have undertaken the process of submitting data, while 42 MFIs have completed the process thus far. The initiative is being launched in cooperation with ACCESS Development Services, an Indian nonprofit microfinance service provider, and will include training on costs and pricing of microloan products, pricing data collection, publication of this data and the development and dissemination of educational materials. MFTransparency commenced the initiative in India with a series of training workshops in New Delhi, Hyderabad, Chennai, Bangalore and Kolkata, with support from initiative sponsors Microfinance Institutions Network (MFIN), a trade association of Indian microfinance lenders; Standard Chartered Bank, a global financial institution; and two U.S.-based organizations which provide grants to socially-oriented organizations, Citi Foundation and the Michael and Susan Dell Foundation.
In order to participate in the initiative, MFIs must submit product information and pricing data to MFTransparency. MFTransparency awards transparency certification to all MFIs who submit data and commit to educating their clients on pricing.
By Jennifer Shevock, Research Associate
About MFTransparency:
MFTransparency is a US-based, non-governmental organization founded in 2008 with the purpose of facilitating transparent markets through the dissemination of accurate and comparable cost information to all stakeholders. The group has organized transparent pricing efforts in India, Bosnia, Peru, Cambodia, Azerbaijan, Kenya, Bangladesh, Bolivia, Ecuador, Senegal, Burkina Faso, Benin, Cote d’Ivoire, Togo, Guinea Bissau, Mali and Niger as of August, 2010.
About ACCESS Development Services:
ACCESS Development Services is an Indian nonprofit organization that offers consulting services to microfinance institutions. It offers capacity building and technical services on topics such as business organization, portfolio management and financial management. It also facilitates funding to 130 member microfinance institutions through the ACCESS Microfinance Alliance. Additionally, it organizes the annual Microfinance India Summit to provide a networking forum for the microfinance community.
Sources and Additional Resources:
Press Release: “Transparent Pricing Initiative in India: 35 Participating Institutions To Date” July 28. 2010. http://www.mftransparency.org/pages/transparent-pricing-initiative-in-india-35-participating-institutions-to-date/
MFTransparency India Pricing Initiative, List of Participants: http://www.mftransparency.org/pages/transparent-pricing-initiative-in-india/
MICROCAPITAL BRIEF: “MFTransparency to Launch Transparent Pricing Initiative in Eight West African Countries, in Partnership with Luxembourg Development Cooperation” July 6, 2010. https://www.microcapital.org/microcapital-brief-mftransparency-to-launch-transparent-pricing-initiative-in-eight-west-african-countries-in-partnership-with-luxembourg-development-cooperation/
MICROCAPITAL BRIEF: MFTransparency Brings Launch of Transparent Pricing Initiative to Bolivia and Ecuador, Funded by the Ford Foundation and MicroNed” June 16, 2010.
https://www.microcapital.org/microcapital-brief-mftransparency-brings-launch-of-transparent-pricing-initiative-to-bolivia-and-ecuador-funded-by-the-ford-foundation-and-microned/#more-5180
MICROCAPITAL BRIEF: “India’s Microfinance Institutions Network (MFIN) to Publish Microfinance Institution Interest Rates Online via MFTransparency” April 27, 2010. https://www.microcapital.org/microcapital-brief-india%E2%80%99s-microfinance-institutions-network-mfin-to-publish-microfinance-institution-interest-rates-online-via-mftransparency/
MicroCapital Universe: MFTransparency: https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=MFTransparency
MicroCapital Universe: ACCESS Development Services: https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=ACCESS+Development+Services
Browse the MicroCapital Universe and add your entry to the wiki at: https://www.microcapital.org/microfinanceuniverse/
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