New Consumer Education Resources from MFTransparency
Developing useful tools and processes to improve financial education and consumer protection in the microfinance sector is fundamental to MFTransparency’s strategy. We believe it is imperative for the health of the market for consumers to be educated and informed on the services and products they have access to.
As part of MFTransparency’s enabling APR & EIR Program, financial education experts have developed a universal pricing education package, aimed at consumers of microloans. Using proven financial education models and lessons learned from other countries, these resources have been developed to be tailorable, aknowledging the diversity of Africa’s communities.
MFTransparency is pleased to share this consumer pricing education package. These materials may be reproduced, translated or adapted with minor changes to meet local needs, provided that they are distributed for free or not for profit and provided any changes maintain the integrity of the book. Please inform us of plans to adapt or translate these materials, provide us with a copy of the adapted publication, and ensure recognition of MFTransparency and MasterCard Foundation.
Universal Consumer Pricing Education Package:
Consumer Pricing Education Animation
This short animation explains and demonstrates Rules of Thumb - simple concrete messages for consumers about microloan pricing. It can be used as part of a country-wide campaign and aired on television, shown on videos in local video centers or bank branches, or used to train financial institution management and staff in places where these concepts are difficult and new. The animation was developed by 17Triggers and Creative Communications.
Consumer Pricing Education Trainers Manual
This trainers guide provides face-to-face learning sessions that allow any organisation or institution – a financial institution, community based organisation, government institution, non-profit or non-governmental organisation - to educate borrowers and potential borrowers about product pricing. Six face-to-face learning sessions targeted at typical microfinance borrowers were developed for the program.
Consumer Pricing Education Adaptation Guide
This guide will help regulators and financial institutions choose and adapt all materials that are provided as part of the education package. The materials in this package can be used separately or together – in whatever way works best for your organization or institution. This guide is designed to help any potential disseminators of financial education avoid a lengthy needs assessment and adaptation process.
Consumer Pricing Education Kit of Images
The education package has been designed for those with low levels of literacy, education, and numeracy. This is a kit of images brings to life the characters of Auntie Need-a-Loan and Chantal. Accompanying the trainers guide, these images help sessions take an interactive and participatory approach, making them fun and interesting for a number of target groups.
Download this kit here
Public Service Announcements
Research has shown that in order for new behaviors to be adopted, the information that helps consumers to learn must be repeated and experienced from several angles. A series of five generic public service announcements (PSAs) that reinforce the Rules of Thumb have been produced. These can be adapted and contextualized in different countries to be part of a larger transparency and financial education campaign.
Consumer Pricing Education Jingle
Please inform us of plans to adapt or translate these materials, provide us with a copy of the adapted publication, and ensure recognition of MFTransparency and MasterCard Foundation. Please contact us with any questions or comments you have!
From the blog:
- Shaping the Path in Financial Literacy, click here.
- Learning the Client Perspectives on Pricing: Insights from the Field, click here.
- Financial Education: From Russia to Rwanda, click here.
- Financial Education: Key Component to Responsible Pricing, click here.
The enabling APR & EIR Program is sponsored by the MasterCard Foundation. The Progam has worked to promote improved consumer protection principles through microfinance product pricing transparency. Through the enabling APR & EIR Program, MFTransparency has raised awareness of transparent pricing issues in seven countries in Africa – Malawi, Uganda, Rwanda, Ghana, Tanzania, Zambia and Mozambique.