Seminar participants recommended continuing with the current temporary rates of 15 percent annual interest calculated as a flat service charge and a 30 percent ceiling for the effective rate, until the new lending policy is finalized. Many microfinance institutions charge interest using a flat rate which is calculated on the initial loan balance and does not consider the declining loan balance as payments are made. The effective rate is calculated based on the declining balance and is substantially higher than the stated flat rate, thus the MRA’s dual restriction of 15 percent flat and 30 percent effective rates.

The chairman of the MRA, Dr Atiur Rahman, also serves as the Governor of Bangladesh Bank, the Central Bank of Bangladesh.

By Jennifer Shevock, Research Associate

About the Microfinance Regulatory Authority (Bangladesh)
The Microcredit Regulatory Authority monitors and supervises microfinance operations of non-government organizations in Bangladesh. It was created by the Government of Peoples’ Republic of Bangladesh under the “Microcredit Regulatory Authority Act”. The Authority’s responsibilities include licensing microfinance operations, ensuring license compliance and enforcing sanctions.

Sources and Additional Resources:
[1] “Lending rates for MFIs to be fixed soon” http://nation.ittefaq.com/issues/2010/08/06/news0589.htm

MICROCAPITAL BRIEF: “Government of Bangladesh to Limit Interest Rates for Microfinance Institutions (MFIs)” April 13, 2010. http://www.microcapital.org/microcapital-brief-government-of-bangladesh-to-limit-interest-rates-for-microfinance-institutions-mfis/#more-4660

MICROCAPITAL STORY: “Bangladesh Microcredit Regulatory Agency (MRA) Limits Interest Rates for Microfinance Institutions” May 6, 2009. http://www.microcapital.org/microcapital-story-bangladesh-microcredit-regulatory-agency-mra-limits-interest-rates-for-microfinance-institutions/

MicroCapital Universe: Microfinance Regulatory Authority: http://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Microfinance+Regulatory+Authority

Browse the MicroCapital Universe and add your entry to the wiki at: http://www.microcapital.org/microfinanceuniverse/

The annual interest rate charged on microloans in South Korea is reportedly an average of 32.6 percent. South Korean financial authorities estimate the cost of microloans including loan servicing and bad debt reserves to be a combined 10 percent.

To review the interest rates, the Financial Services Commission and the Financial Supervisory Service, the financial institution regulator under the supervision of the Financial Services Commission, will create an investigative team to evaluate microfinance institutions’ costs as compared to interest rates and fees charged, and conduct follow up investigations as necessary.

By Jennifer Shevock, Research Associate

About the Financial Services Commission (South Korea):
The Financial Services Commission was established in January 2008 for the purpose of centralizing the regulation of South Korea’s financial markets. Its responsibilities include promoting a sound credit system and fair business practices.

Sources and Additional Resources:
“High Interest Charged by Finance Companies Probed” July 24, 2010. http://english.donga.com/srv/service.php3?bicode=020000&biid=2010072421258

MicroCapital Universe: Financial Services Commission: http://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Financial+Services+Commission+%28FSC%29

Browse the MicroCapital Universe and add your entry to the wiki at: http://www.microcapital.org/microfinanceuniverse/

In its 2009 annual report, NMB reported TSH 1.67 trillion (USD 1.1 billion) in total assets and a dividend per share of TSH 31.4 million (USD 21,500).

By Conner Brannen, Research Assistant

About National Microfinance Bank (NMB):

The National Microfinance Bank (NMB) was established in Tanzania in 1997 by the National Microfinance Bank Limited Incorporation Act. Initially the bank only provided payment services and savings accounts – and very limited borrowing services. However, as of mid-2010 the bank has been expanding its lending operations. NMB is one of Tanzania’s largest banks with 135 branches covering 80 percent of Tanzania’s districts. In its 2009 annual report, NMB reported TSH 1.67 trillion (USD 1.1 billion) in total assets and a dividend per share of TSH 31.4 million (USD 21,500).

Having previously controlled the entire operation, the Government of Tanzania sold 49 percent of its shareholdings in NMB in 2005 to a consortium led by the Cooperative Centrale Raiffeisen-Boerenleenbank B.A. (‘Rabobank Group’).

Sources and Additional Resources:

AllAfrica.com “NMB Juhudi Loans Boost Access to Credit,” by Jaffar Mjasiri, July 26, 2010: http://allafrica.com/stories/201007270068.html

MicroCapital Universe Profile: National Microfinance Bank (NMB): http://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=National+Microfinance+Bank+%28NMB%29

MICROCAPITAL BRIEF: One of Tanzania’s Largest Banks, The National Microfinance Bank (NMB) Gives $63m in Loans to Small and Medium Enterprises (SMEs), May 31, 2010: http://www.microcapital.org/microcapital-brief-one-of-tanzanias-largest-banks-the-national-microfinance-bank-nmb-gives-60-5m-in-loans-to-small-and-medium-enterprises-smes/

MICROFINANCE PAPER WRAP-UP: Tanzanian Micro Enterprises and Micro Finance: The Role and Impact for Poor Rural Women, by Lucy Ssendi and Alistair R. Anderson: http://www.microcapital.org/microfinance-paper-wrap-up-tanzanian-micro-enterprises-and-micro-finance-the-role-and-impact-for-poor-rural-women-by-lucy-ssendi-and-alistair-r-anderson/

Browse the MicroCapital Universe and add your entry to the wiki http://www.microcapital.org/microfinanceuniverse/

Evidence indicates that under half of eligible households participate in microfinance. In this paper, Mr Karlan, Mr Morduch and Mr Mullainathan begin by reviewing why take-up rates are important and how they can be measured. Data from thirteen projects show that take-up rates vary from 2 to 84 percent of eligible individuals. Understanding these numbers is important for several reasons. First, the fact that participation is not complete indicates that microfinance is not for everyone – it is not a panacea. Second, participation rates reveal valuable information about a customers’ interest in a particular product or service. This can help practitioners understand how to design and price products that best serve clients.

Three different ways to measure take-up rates are considered. The first makes use of population-based aggregate estimates from administrative records of regulators and other government entities. The second uses household surveys, and the third relies on analyses of specific products or services.

Two major points can be made based on the data considered. First, take-up rates measured by controlled analyses were lower (2 to 8.7 percent) than those measured by household surveys (38 to 76 percent). The former typically involve one lender only, which may explain the low estimates of take-up, because target individuals may already be borrowing or saving elsewhere. Household surveys, however, are able to capture take-up of a wider variety of loan and saving products from more lenders.

The second major point is that no clear pattern emerges when comparing take-up rates of credit, savings and insurance products. Nonetheless, take-up of credit products demonstrates the largest variation (2 to 84 percent), while rates of take-up of savings products do not exceed 55 percent, and no more than half of households or individuals accepted an insurance product when offered.

The authors then gathered data on why individuals choose not to borrow. While self-reported data cannot be taken entirely at face value, several important points are conveyed by the data. First, the most common self-reported reason for avoiding borrowing is a fear of debt. Second, high interest rates are cited as a reason for not borrowing by 10 to 13 percent of respondents. Third, the design of loan products is a critical factor in take-up. Many respondents never participated in a microfinance scheme because they could not find an appropriate loan product. Expanding financial access therefore requires studying, testing and evaluating better products.

Mr Karlan, Mr Morduch and Mr Mullainathan conclude by presenting ways to address low take-up. Although it is not the most cited reason for not taking up, they argue that understanding borrowers’ sensitivity to interest rates is paramount.

By Conner Brannen, Research Assistant

Browse the MicroCapital Universe and add your entry to the wiki http://www.microcapital.org/microfinanceuniverse/

Although this increase in private equity investment has brought about an increase in MFI lending, the high profit margins have been criticized. Some argue that the high interest rates charged are unfair. However, high repayment rates can be interpreted to suggest that access to loans is more critical to the poor than the interest rate.

Another common concern is that pressure from profit-maximizing investors to increase profits could prompt microlenders to ignore the poor. On the other hand, a more commercial orientation may allow MFIs to expand more quickly, eventually allowing them to reach a greater number of the poor.

According to Alok Mittal, the chief executive officer of SKS Microfinance – a for-profit MFI based in Mumbai, India, that is planning on holding initial public offering (IPO) at the end of the month – “What you get by financing the sector in a for-profit mode is sustainability and scale. Presumably, private equity investment also brings more efficiency to the business, as the superior operating efficiency of many of the for-profit MFIs indicates.”

By Conner Brannen, Research Assistant

Sources and Additional Resources:

Sifyfinance: “Private Equity funds step up investments in MFIs,” by T E Narasimhan, July 13, 2010: http://sify.com/finance/private-equity-funds-step-up-investments-in-mfis-news-default-khnb5ijacde.html

MICROCAPITAL BRIEF: SKS Microfinance, a Microfinance Institution (MFI) in India, Announces Intentions to Sell Shares From July 28 to July 30, July 13, 2010: http://www.microcapital.org/microcapital-brief-sks-microfinance-a-microfinance-institution-mfi-in-india-announces-intentions-to-sell-shares-from-july-28-to-july-30/

MICROCAPITAL BRIEF: Private Equity Interest in Indian Microfinance Industry is Prominent Topic at Capital Markets Conference in New Delhi Sponsored by ACCION International, Citi Foundation and EDA Rural Systems, July 8, 2010: http://www.microcapital.org/microcapital-brief-private-equity-interest-in-indian-microfinance-industry-is-prominent-topic-at-capital-markets-conference-in-new-delhi-sponsored-by-accion-international-citi-foundation-and-eda-rur/

MICROCAPITAL.ORG STORY: Indian Microfinance Sector Sees Increase in Private Equity Investments from $61m to $143m, November 10, 2009: http://www.microcapital.org/microcapitalorg-story-indian-microfinance-sector-sees-increase-in-private-equity-investments-from-61m-to-143m/

MicroCapital Universe Profile: SKS Microfinance: http://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=SKS+Microfinance

Browse the MicroCapital Universe and add your entry to the wiki http://www.microcapital.org/microfinanceuniverse/

Although the full report has yet to be released, the initial findings reveal that most MFIs have fixed assets above the maximum limit set by CBN of 20 percent of shareholders’ funds. This reduces the funds available to be used for loans and decreases MFIs’ profitability.

It is also revealed that the ratio of non-performing loans to total loans of most MFIs is above 2.5 percent. According to an unnamed CBN source, “The ratio is above 2.5 percent either because the credit officers are not knowledgeable in areas of credit administration or there are cases of insider abuses by management. Also, proper appraisal may not have been carried out on the customer to ascertain the person’s cash flow to know if he can repay the loan.”

New and more detailed guidelines regulating the operations of the microfinance sector are expected to be released in the middle of this year. According to the unnamed source, in order to deal with failed MFIs, the regulatory authorities have the options of liquidating the institutions, injecting rescue funds or looking for new owners who can bring in fresh capital.

By Conner Brannen, Research Assistant

About Central Bank of Nigeria (CBN):

Central Bank of Nigeria (CBN) is Nigeria’s central banking authority, established in 1958. Some of the regulatory objectives of CBN are as follows: to issue legal tender, to maintain the external reserves of the country, to promote monetary stability and a sound financial environment and to act as a banker of last resort and financial adviser to the federal government.

About Nigeria Deposit Insurance Corporation (NDIC):

The Nigeria Deposit Insurance Corporation (NDIC) is an independent agency of the Federal Government of Nigeria. Its purpose is to protect depositors and guarantee the settlement of insured funds when a deposit-taking financial institution can no longer repay their deposits, thereby helping to maintain financial system stability.

Sources and Additional Resources:

Vanguard: “Appropriate penalties will tighten loose ends in MFBs’ operation, CBN,” by Amaka Agwuego, July 19, 2010: http://www.vanguardngr.com/2010/07/19/appropriate-penalties-will-tighten-loose-ends-in-mfbs?-operation-cbn/

MicroCapital Universe Profile: Central Bank of Nigeria (CBN): http://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Central+Bank+of+Nigeria+%28CBN%29

MicroCapital Universe Profile: Nigeria Deposit Insurance Corporation (NDIC): http://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Nigeria+Deposit+Insurance+Corporation+%28NDIC%29

MICROCAPITAL BRIEF: African Capital and Business Support (ACBS) Partners with Suisse Bank Plc and Smart Link to Provide $6.7m Line of Credit to Nigerian Microfinance Banks, July 12, 2010: http://www.microcapital.org/microcapital-brief-african-capital-and-business-support-acbs-partners-with-suisse-bank-plc-and-smart-link-to-provide-6-7m-line-of-credit-to-nigerian-microfinance-banks/

MICROCAPITAL BRIEF: Three Directors of Impact Microfinance Bank Limited Arrested for Fraud in Nigeria, June 29, 2010: http://www.microcapital.org/microcapital-brief-three-directors-of-impact-microfinance-bank-limited-arrested-for-fraud-in-nigeria/

MICROCAPITAL BRIEF: Head of Nigerian Deposit Insurance Corporation (NDIC) Announces Completion of Review of Distressed Microfinance Banks, Outlines Path to “Sanitization”, June 25, 2010: http://www.microcapital.org/microcapital-brief-head-of-nigerian-deposit-insurance-corporation-ndic-announces-completion-of-review-of-distressed-microfinance-banks-outlines-path-to-?sanitization?/

Browse the MicroCapital Universe and add your entry to the wiki http://www.microcapital.org/microfinanceuniverse/

The authors of this paper report that Iraq’s microfinance industry was established in 2003 and is now comprised of 14 microfinance institutions (MFIs) spread out over Iraq’s 18 provinces. As of April 2010, Iraq’s microfinance industry has disbursed approximately USD 453 million, has an outstanding loan portfolio of approximately USD 86 million and serves 63,000 active borrowers. Loans are made at an interest rate of 12 to 18 percent, and 15 percent of loans are made to women. The repayment rate on these loans is reportedly 99 percent. Iraq’s microfinance industry employs 780 people in 100 offices.

The growth rate for MFIs in Iraq was approximately 31 percent for the year ending in April 2010. According to Donal Cotter, author of the report’s preface and Chief of Party for The US Agency for International Development (USAID)-Tijara, his organization was largely responsible for this rapid growth in microfinance in the region. USAID-Tijara is an economic growth organization with a five-year mandate to promote private sector growth and employment in Iraq.

According to the report, recent legal changes that have helped Iraq’s microfinance industry include: The issuance of a new NGO law which enables MFIs to continue as quality financial service providers for low-income people in Iraq because of the “Central Bank of Iraq’s (CBI’s) recognition of microfinance as an effective intermediary for small and medium-scale enterprises (SMEs).” Additionally, CBI has recently drafted regulations for enabling NGO-MFIs to transform into non-banking financial institutions (NBFIs) which – if passed later this year – would promote greater accountability.

Despite positive changes, Iraq’s “post-conflict environment” makes the growth of a microfinance industry difficult in many ways:

1) Many people are dependent on public-sector employment and are therefore reluctant to start private income-generating activities.

2) Security and violence are still problems.

3) Because many displaced persons exist within the region, the authors argue that lending laws need to be changed so loans can be issued to people who have not lived in the same place for two years.

4) Iraq’s cash-based economy increases the risk of fraud.

5) There is a shortage of trained staff.

According to the authors, the US military has played a key role in developing Iraq’s microfinance sector. Provincial reconstruction teams (PRTs), small civil-military units, serve as intermediaries with local MFIs in conflict-prone areas to promote microfinance services in local communities. According to the report, at an undisclosed future date, Iraqi MFIs will attempt to expand financial inclusion to poorer people by issuing loans of less than USD 500. Finally, Iraqi MFIs, supported by USAID-Tijara, have adopted the “Microfinance Code of Conduct and Ethics” which promotes principles of client protection such as transparent pricing, appropriate collection behavior, ethical staff behavior and privacy of client data.

For a suite of tools intended to improve the impact of USAID microenterprise programs, you may visit http://www.microLINKS.org.

By Julia Korn, Research Associate

Sources and Additional Resources:

[1] http://www.imfi.org/

MicroCapital. “MICROCAPITAL BRIEF: The United States Agency for International Development (USAID)-Tijara Commences “Provincial Economic Growth Program,” Targeting Youth Employment in Iraq” by Julia Korn on July 12, 2010.
http://www.microcapital.org/microcapital-brief-the-united-states-agency-…

MicroCapital. “MICROCAPITAL BRIEF: USAID-Tijara Announces Opening of Iraq’s 100th Microfinance Branch Location” by Julia Korn on June 9, 2010. http://www.microcapital.org/microcapital-brief-usaid-tijara-announces-op..

MicroCapital. “MICROFINANCE EVENT: Mobile Finance for the Unbanked to Be Hosted in London July 12-13, 2010” by Matthew Castner on May 4, 2010. http://www.microcapital.org/microfinance-event-mobile-finance-for-the-un…

Browse the MicroCapital Universe and add your entry to the wiki at http://www.microcapital.org/microfinanceuniverse/

As of 2008, 16 MFIs in Uzbekistan reported to the Microfinance Information Exchange (MIX) an aggregate gross loan portfolio of USD 121 million, 63,300 active borrowers, an average loan balance per borrower of USD 1,900, total deposits of USD 55.9 million, total assets of USD 193 million, and 173,000 depositors [2].

By Julia Korn, Research Associate

Sources and Additional Resources:

[1] Trading Markets. “Uzbekistan developing micro lending” on July 3, 2010. http://www.tradingmarkets.com/news/stock-alert/ifk_uzbekistan-developing…

[2] MIX Market. “Microfinance in Uzbekistan.” http://www.mixmarket.org/mfi/country/Uzbekistan

About The Uzbek Association for Microfinance Institutions and Credit Unions:

The Uzbek Association for Microfinance Institutions and Credit Unions, based in Tashkent, Uzbekistan, is a network of 22 credit unions and 21 microfinance institutions (MFIs) with total assets of UZS 52.2 billion (equivalent to USD 31.3 million) as of January 1, 2010. It provides knowledge management, policy advocacy, research and development and technical services.

About The United Nations Development Program:

The mission of UNDP is to provide developing countries with knowledge, experience and resources in line with the United Nations’ Millenium Development Goals (MDGs). UNDP operates in 166 countries and works directly with national goverments. UNDP also publishes the annual Human Development Report, which provides a benchmark for development from each of its country offices.

About The German Technical Cooperation Center (GTZ):

The German Technical Cooperation Center (GTZ) is a German government-owned international cooperation enterprise for sustainable development. GTZ supports microfinance operations in more than forty countries by attempting to help microfinance institutions become financially and legally viable as well as supporting reforms in the financial sector that are favorable to microfinance.

About The International Finance Corporation (IFC):

A member of the World Bank Group, the International Finance Corporation (IFC) uses loan and debt securities, equity investments and guarantees with the intent of alleviating poverty. It invests in financial institutions and other companies in emerging markets as well as providing technical assistance. The IFC has 182 member countries that “collectively determine its policies, and approve investments.” In fiscal year 2009, its new investments totaled USD 14.5 billion.

MicroCapital Universe. The Uzbek Association for Microfinance Institutions and Credit Unions. http://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Uzb…

MicroCapital Universe. The United Nations Development Program. http://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Uni…

MicroCapital Universe. The German Technical Cooperation Center (GTZ). http://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Ges…

MicroCapital Universe. The International Finance Corporation. http://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Int…

Browse the MicroCapital Universe and add your entry to the wiki at http://www.microcapital.org/microfinanceuniverse/

The use of NCDs and commercial paper has proved successful for SKS in the past, as MicroCapital reported on March 16, 2009, “SKS sold USD 4.8 million NCDs to YES Bank and generated another USD 4.8 million through the issuance of commercial paper. The NCDs purchased by YES Bank will mature in one year and carry an annual interest rate of 10.5 percent. In a related report, MicroCapital cited the Press Trust of India stating the standard the cost of capital for MFIs is 12 to 13 percent.

An NCD is a debt instrument issued for a fixed term that cannot be converted into equity. NCDs are attractive to investors as they typically offer higher returns than fixed deposits. They are, however, still exposed to corporate risk.

Commercial paper is an unsecured obligation issued by a corporation or bank to finance its short-term credit needs, such as accounts receivable and inventory.

About SKS Microfinance:
SKS Microfinance was founded in India in 1998. In 2005, it transformed into a for-profit non-banking financial company. As of September 2009, SKS had 3.5 million active borrowers and 1,676 branches, compared with 771 in March of 2008. According to the MIX Market, the microfinance information clearinghouse, its total assets as of 2008 were USD 596.2 million, with a return on assets of 3.68 percent and return on equity of 18.72 percent. SKS products include: income generating loans, mid-term loans, individual loans, loan cover insurance and health insurance.
By Matthew Fox, Research Associate

Sources and Additional Resources:

IndianMicrofinance.com: SKS Microfinance Plans to Lower Its Cost of Funds for the Benefit of Consumers: http://indiamicrofinance.com/blog/microfinance/mfis-in-india/sks-microfinance-plans-cost-funds-benefit-consumers.html

MicroCapital Brief: Indian SKS Microfinance Issues Bonds and Commercial Notes, and Announces a $963.6m Borrowing Plan to Finance Rapid Growth, March 16, 2009: http://www.microcapital.org/microcapital-story-indian-sks-microfinance-issues-bonds-and-commercial-notes-and-announces-a-9636m-borrowing-plan-to-finance-rapid-growth/

MicroCapital Brief: Non-Convertible Debentures (NCDs) Gain Popularity as New Source of Fundraising for Indian Microfinance Institutions (MFIs) January 20, 2010: http://www.microcapital.org/microcapital-brief-non-convertible-debentures-ncds-gain-popularity-as-new-source-of-fundraising-for-indian-microfinance-institutions-mfis/

MicroCapital Universe: SKS Microfinance: http://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=SKS+Microfinance

InvestorWords.com: Commercial Papers Definition: http://www.investorwords.com/961/commercial_paper.html

Event Date: June 29, 2010 at 10:00am–11:30am EDT (5:00pm–6:30pm Nairobi, 4:00pm–5:30pm CEST, 7:30pm–9:00pm Delhi).

Event Location: The internet

See Our Comprehensive Event Calendar Here: http://microfinanceassociation.ning.com/events

Cost: Free

Summary of Event: Microfinance Transparency is hosting this webinar to publicize its latest data on the cost of microfinance loans in Kenya.

Background on Organizer:

Microfinance Transparency 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 between suppliers and consumers of microfinance products. MFTransparency was launched in July of 2008 and is based in the US. According to its website, as of December 6, 2009, it has been endorsed by 264 “industry leaders” that serve 80 million clients globally.

Event Themes and Discussion Topics:

How do banks and microfinance institutions (MFIs) respond when asked to report their interest and fees publicly in a common annual percentage rate (APR) or effective interest rate (EIR) format?

How does the shape of the price curve for Kenya differ from other countries?

In the pilot countries Bosnia and Cambodia, we have seen the expected relationship that the average price of loans increases as loan sizes get smaller. Does the market in Kenya adhere to this same relationship?

What similarities and disparities can be drawn between Kenya and other markets?

What factors seem to be driving prices in Kenya?

What are some common pricing practices in the Kenyan market and what are their implications for clients?

How much variation is there in price on loans of similar size in the microfinance market of Kenya, and how might transparency change prices over time?

How can the new pricing data be used to enact meaningful change in the local microfinance market?

Who Is Invited to Attend: Open to the public

Event Website: http://www.mftransparency.org/pages/sign-up-for-the-kenya-data-launch-we…

Online Registration Address: https://www1.gotomeeting.com/register/635580945

For additional information, you may contact: info@mftransparency.org

Submit Your Event: http://microfinanceassociation.ning.com/events

Sources and Additional Resources:

[1] Microfinance Transparency. http://www.mftransparency.org/pages/sign-up-for-the-kenya-data-launch-we…

MicroCapital Universe. MFTransparency. http://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=MFT…

MicroCapital. “MICROCAPITAL BRIEF: MFTransparency Brings Launch of Transparent Pricing Initiative to Bolivia and Ecuador, Funded by the Ford Foundation and MicroNed” by Jennifer Shevock on June 16, 2010. http://www.microcapital.org/microcapital-brief-mftransparency-brings-lau…

MicroCapital. “MICROCAPITAL BRIEF: MFTransparency and The MasterCard Foundation Launch Enabling APR & EIR Program to Promote Transparency in Microfinance in Eight Sub-Saharan African Countries” by Conner Brannen on June 10, 2010. http://www.microcapital.org/microcapital-brief-mftransparency-and-the-ma…

Browse the MicroCapital Universe and add your entry to the wiki at http://www.microcapital.org/microfinanceuniverse/