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MFTransparency launches Transparent Pricing Initiative in Zambia

Published on June 21, 2011

MicroFinance Transparency (MFTransparency), an international non-governmental organization, on Monday launched its Transparent Pricing Initiative in Zambia.

Click here to read the Microfinance Focus article

 

MFTransparency launches Transparent Pricing Initiative in Zambia

Microfinance Focus June 21, 2011:

MicroFinance Transparency (MFTransparency), an international non-governmental organization, on Monday launched its Transparent Pricing Initiative in Zambia.

Zambia is the sixth country in the MasterCard Foundation-funded enabling Africa to Price Responsibly & Educate on Interest Rates (APR & EIR) Program. A workshop launch marked the launching of the Transparent Pricing Initiative where Alexandra Fiorillo, Vice President of MFTransparency, provided training on pricing transparency to over 40 participants representing local industry stakeholders including some of the financial institutions in Zambia and a delegation from the Bank of Zambia.

Workshop attendees participated in the training, discussing some important issues in the Zambian microfinance market. Dr. Caleb Fundanga, Governor of the Bank of Zambia stated, “It is imperative that all institutions provide the price of their loans in terms of the Annual Percentage Rate rather than a monthly percentage so that consumers would have a clear picture of precisely how much they need to borrow relative to their income levels…resulting in responsible lending and a more competitive and transparent microfinance industry.”

the event, MFTransparency collected and published pricing data for microfinance products offered in Zambia. MFTransparency facilitated discussion on issues related to pricing transparency as well as develop and disseminate financial literacy materials for microfinance clients. MFTransparency will work closely with its local partners, AMIZ, the Bank of Zambia and ZACA (Consumer Association of Zambia) to promote standards for transparent pricing in the Zambian microfinance market. 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.

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