MFTransparency announces Partnership with MFIN India
MFTransparency and MFIN India announce transparent pricing data collection partnership to promote responsible microfinance
LANCASTER, PA, USA & DELHI, INDIA, July 26, 2012
MicroFinance Transparency and MFIN India (Micro Finance Institutions Network) today announced the formation of their operational partnership in addressing microloan pricing transparency in India. This new partnership will build upon their previous collaboration in the ground-breaking Transparent Pricing Initiative in India.
Microfinance Institutions Network (MFIN), a self-regulatory organization established to promote best practices in microfinance, will work with MFTransparency, the industry leader in transparent pricing, to collect and publish complete and comparable data on the interest rates and fees charged to microfinance clients in India. As a prerequisite for responsible pricing and a key element of consumer protection, transparent pricing leads to increased competition and better-informed decisions by all industry stakeholders. The partnership between MFTransparency and MFIN will result in increased knowledge of pricing within the Indian microfinance industry and a better understanding of pricing trends in India over time.
MFIN will act as MFTransparency’s implementation partner in the data refreshing process of the Transparent Pricing Initiative in India. This pioneering initiative, launched in 2010, made the prices for the Indian microfinance market available for the first time in history. Together, MFIN and MFTransparency will continue the work and impact of the Initiative, disclosing microloan product pricing data and promote pricing transparency within the Indian microfinance sector.
Chuck Waterfield, CEO of MFTransparency commented “The involvement of national microfinance networks is instrumental in embedding transparent and responsible pricing in microfinance. By taking ownership of the pricing data collection MFIN are displaying their leadership on issues of consumer protection. We are delighted to be working in partnership with them, especially in a microfinance market as fundamentally significant as India”
Alok Prasad, CEO of MFIN commented “Pricing transparency is intrinsic to client empowerment and fair lending practices. The MFIN – MFT partnership will ensure that the pricing data and analysis of Indian MFIs is in the public domain. This is one more significant step towards the building of an open and transparent Microfinance industry in India.”
MicroFinance Transparency is an international non-governmental organization founded in 2008 with the purpose of facilitating transparent markets through pricing disclosure, education and policy advisory. MFTransparency represents an industry movement toward transparent practices and responsible microfinance. Based in the United States, the group has organized transparent pricing efforts in nearly 30 countries on four continents. For more information please visit www.mftransparency.org. Grameen Bank’s Dr. Muhammad Yunus and Elizabeth Littlefield, former CEO of CGAP, as well as over 900 industry professionals and organizations have committed to transparent pricing by endorsing MFTransparency and its initiative.
About MFIN (Micro Finance Institutions Network)
Micro Finance Institutions Network (MFIN) is the premier Industry Association for the microfinance sector in India and its member organizations constitute the leading Microfinance institutions in the country. MFIN was created to promote the key objectives of microfinance, which is to help economically underserved communities achieve greater financial independence and build sustainable livelihoods. MFIN seeks to work closely with regulators and other key stakeholders to achieve larger financial inclusions goals through microfinance.
For questions relating to this press release please contact:
+1 717 475 6733
+91- 124 – 4212570