MicroFinance Transparency to drive transparent pricing in Africa
MicroFinance Transparency (MFTransparency) will host a training workshop in Nairobi on oct. 19 in association with the 2009 AMT Microfinance Investor’s Fair to train industry professionals on pricing transparency and consumer protection. It will also mark the launch of MFTransparency’ s Transparent Pricing Initiative in Kenya.
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During MFTransparency’ s Transparent Pricing Initiative, the group will collect data on interest and fees charged on each microfinance loan product in Kenya in order to calculate the accurate, true price (Effective Interest Rate) on those loans. MFTransparency will then post that data on its website (www.mftransparency .org).
The microfinance industry in Kenya is worth over $500 million in loans. It has one million active borrowers and about four million savers. Thousands of organizations, including NGOs, non-bank financial institutions, Savings and Credit Cooperative Societies (SACCOs) and commercial banks, actively administer microfinance services in Kenya.