Ten Ghana based Microfinance Institutions participate in Transparent Pricing Initiative

Ten Ghana based Microfinance Institutions participate in Transparent Pricing Initiative

Microfinance Focus June 16, 2011:

Ten microfinance institutions based in Ghana recently participated in MicroFinance Transparency’s Transparent Pricing Initiative by submitting their microloan product information and pricing data. The microfinance institutions included:

• Innovative Finance Limited,
• Association of Progressive Entrepreneurs in Development,
• Community Aid for Sustainable Development,
• E-Life Development Agency,
• Initiative Development – Ghana,
• Opportunity International Savings and Loan Limited Ghana,
• Sekam Trust International,
• Grameen Ghana,
• CashPhase Ghana Limited and
• AIDEZ Small Project International.

Until now, 33 additional institutions in Ghana have begun the process of submitting data to MFTransparency. MFTransparency launched the Transparent Pricing Initiative in Ghana in February 2011 with support from industry actors. Working in partnership with the Ghana Microfinance Institutions Network (GHAMFIN), Association of Rural Banks (ARB), Association of Non-Governmental Organizations (ASSFIN), Credit Union Association of Ghana (CUA) and Ghana Co-operative of Susu Collectors Association (GCSCA), MFTransparency began the Transparent Pricing Initiative in Ghana with two training workshops in Accra and Tamale, attended by more than 130 representatives of organizations in the Ghanaian microfinance industry.

The workshops provided participants with training on issues related to transparency and consumer protection. MFTransparency awarded transparency certification to all financial Institutions who submitted data and committed to educating their clients on pricing. This consisted of both a certificate to be displayed in the financial institution’s offices as well as a seal of transparency logo to be used on the institution’s marketing materials and website. MicroFinance Transparency is an international non-governmental organization founded in 2008 to enable transparent markets through pricing disclosure, education and policy advisory. MFTransparency represents an industry movement toward transparent practices and responsibility.