MFTransparency, a US-based nongovernmental organization launched in July 2008 that aims to provide information on credit products and pricing, the Association of Micro Finance Institutions in Togo (APIM-Togo), the Association of Microfinance Institutions of Benin (FNM) and the Association of Decentralized Financial Systems of Benin (Consortium ALAFIA) are partnering to expand MFTransparency’s Transparent Pricing Initiative to Togo and Benin with the aim of providing training on interest rate calculations, publishing online pricing information and promoting consumer protection.
MFTransparency’s Transparent Pricing Initiative was launched in Senegal and Burkina Faso in July 2010 as part of a larger initiative sponsored by Lux-Development, an agency that manages aid funds from the government of Luxembourg, seeking to foster pricing transparency in all eight countries of the West African Economic Monetary Union (WAEMU), an organization that seeks to foster economic integration among countries using the Central African franc. The project was expanded to Malawi in August 2010 as part of the Enabling APR and EIR Program (Enabling Africa to Price Responsibly and Educate on Interest Rates), sponsored by Canada’s MasterCard Foundation and is planned for expansion to other countries in Sub-Saharan Africa.
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, as of December 6, 2009, it has been endorsed by 264 “industry leaders” that serve 80 million clients globally.
About L’Association Professionelle des Institutions de Microfinance du Togo (APIM-Togo): L’Association Professionelle des Institutions de Microfinance du Togo (APIM-Togo) was created in 2004 to promote the development of the microfinance industry in Togo. It is meant to serve as a forum to facilitate information exchange and technical training among Togo’s microfinance institutions (MFIs). As of 2011, APIM-Togo has 33 members.
About L’Association Nationale des Practiciens de la Microfinance du Benin (Consortium ALAFIA): L’Association Nationale des Practiciens de la Microfinance du Benin (Consortium ALAFIA) was created in 2000 to serve as a network of microfinance institutions (MFIs) in Benin. Its mission is to create effective strategies for the development of microenterprises in Benin with the aim of combating poverty. As of 2011, Consortium ALAFIA has 36 members.
By Diana Baide, Research Assistant
[1] Press Release submitted to MicroCapital by MFTransparency in January 2011
MicroCapital’s Microfinance Universe profile: MFTransparency
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=MFTransparency
MicroCapital’s Microfinance Universe profile: APIM-Togo
MicroCapital’s Microfinance Universe profile: Consortium ALAFIA
Browse the MicroCapital Universe and add your entry to the wiki at: https://www.microcapital.org/microfinanceuniverse/
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