In this third part of my blog series on the Bolivia Data Launch Conference, I’d like to share a brief summary of the group sessions and panel discussions facilitating dialogue on pricing transparency at the event in La Paz.
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Posts Tagged ‘Bolivia’
Bolivia Data Launch Part 3: Industry Dialogue for Practical Change
Thursday, February 10th, 2011Bolivia Data Launch Part 2: Pricing Data Analysis
Tuesday, January 18th, 2011In today’s blog post, I’d like to share some insights into the pricing data we launched at our industry conference in La Paz. Our current dataset includes all members of the local microfinance networks ASOFIN and FINRURAL, as well as all but one of the MFIs reporting to the MIX.
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Bolivia Data Launch Part 1: MFTransparency Industry Conference in La Paz
Friday, January 14th, 2011Thanks to the overwhelming support from MFIs and stakeholders of the Bolivian microfinance community, we reached a major milestone last month: We launched MFTransparency’s brand new pricing data for the Bolivian microfinance sector, featuring 100% of ASOFIN and FINRURAL membership participation. The Transparent Pricing Initiative in Bolivia, along with the data launch conference is sponsored by the Ford Foundation and MicroNed, and aims to provide a forum for dialogue on the issue of pricing transparency among industry actors as well as to foster a healthy free market environment and enhance consumer protection in the microfinance industry.
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MFTransparency en Foromic
Monday, October 18th, 2010por Andres Hammer
La semana pasada tuve la oportunidad de asistir por primera vez al Foro de la Microempresa (Foromic) organizado por el BID y FOMIN, el cual se llevo a cabo en Montevideo, Uruguay. Fueron tres días de interesantes sesiones donde tuvimos la posibilidad de establecer contactos con los representantes del sector microfinanciero de Latino América y el Caribe.
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Data Collection and Development of Educational Materials in Bolivia and Ecuador
Thursday, September 16th, 2010In one of my previous blog posts, I shared our plans to host a conference to present the results of our Transparent Pricing Initiative in Bolivia in early September. As it is critical for us to include all key stakeholders of the local microfinance industry in this conference, such as the local microfinance networks, regulatory institutions, investors and participating MFIs, we agreed to move the conference date to October 21st, so as to allow for full participation. I have just returned from a field trip to Bolivia to assist the remaining MFIs with the completion of their data submissions, meet with the local networks ASOFIN and FINRURAL to finalize the conference agenda and view the conference facilities for the event. I also had the opportunity to continue discussing the development of educational materials for the Bolivian microfinance sector with a number of local institutions.
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Parada Numero 3 en Latino America: COLOMBIA
Monday, August 16th, 2010Getting Ready for the Bolivia Data Launch
Thursday, August 5th, 2010Our Latin America team is currently organizing an industry conference that we will host in La Paz on September 7.th At this conference we will launch the pricing data we have been collecting since May when MFTransparency and the local microfinance networks ASOFIN and FINRURAL kicked off the Transparent Pricing Initiative in Bolivia.
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Bolivia Transparency Part 4: How MFTransparency’s Pricing Data Complements Current Regulation
Friday, June 25th, 2010In my series of Bolivia posts so far, I have shared insights on several positive aspects of pricing transparency in the Bolivian microfinance industry. In today’s post, I’d like to highlight how MFTransparency’s pricing data will complement the Bolivian microfinance regulation and transparency efforts already underway.
Bolivia Transparency Part 3: Transparency in Loan Contracts & Publicity
Thursday, June 24th, 2010Today, I’d like to continue my previous post on interest rate disclosure to clients and the general public, and share some insights on transparency in loan contracts and publicity.
While interest rates are freely negotiated between both parties, the loan contracts have to include several pricing details. As a minimum requirement, the contract has to specify the:
- loan amount
- details of all financial charges
- whether the interest rate is fixed or variable and its value at disbursement
- the periodic interest rate and the corresponding annual rate (TEAC)
- the method used to calculate the balances of the financial operation, as well as the calculation method of any financial charges
- the amount of credit service charge and cumulative total of payments, as well as the penal interest to be applied in case of default
- any insurance fees if applicable
- The contract also has to include the corresponding repayment schedule.
- In the case of variable interest rates, the loan contract must specify the variation and how the reference rate will be applied.
Bolivia Transparency Part 2: Interest Rate Disclosure to Clients & the Public
Wednesday, June 23rd, 2010There are several positive mechanisms in place to facilitate interest rate disclosure to microfinance clients and the general public. Our recent trip to Bolivia was a wonderful opportunity to see firsthand how a range of legal requirements play out in practice.
Bolivia Transparency Part 1: Pricing Strategies & Challenges
Monday, June 21st, 2010As promised in my last blog post on the Bolivia launch, I’d like to share some insights on the regulatory framework in Bolivia and outstanding transparency efforts we learned about during our initial trip to Bolivia where we recently launched the Transparent Pricing Initiative. Over the next few days I’ll be providing a series of posts to tell you a bit about what we’ve discovered. In this first part, I’ll focus on pricing strategies in Bolivia as well as challenges associated with current pricing practices and general challenges currently perceived in the local microfinance community.
Pricing Transparency Launch in Bolivia
Thursday, May 20th, 2010
Chuck Waterfield, CEO & President of MFTransparency; Fernando Prado, Secretario Ejecutivo of ASOFIN; Nestor Castro, Gerente of FINRURAL; signing MFTransparency’s Endorsement Statement at the transparency workshop in La Paz, Bolivia.
Last week, we officially launched our Transparent Pricing Initiative in Bolivia, sponsored by the Ford Foundation and MicroNed. This project launch in our third Latin American country has been a great success and we’re excited about the widespread support from the diverse Bolivian microfinance community!
Stakeholders from the entire spectrum of the local microfinance industry joined us in the launch of the Transparent Pricing Initiative in Bolivia. The two local microfinance networks ASOFIN and FINRURAL are our strategic implementation partners in this effort and we are very pleased to announce that all their member institutions attended our events in La Paz and Santa Cruz. In La Paz, 71 participants attended our workshop on May 4th, including representatives from the vast majority of MFIs, among them Banco Los Andes ProCredit, Banco Sol, Banco FIE, CRECER, PRODEM and ProMujer, downscaling banks such as Banco Unión and Banca Minorista del Banco de Crédito BCP, as well as the Central Bank of Bolivia (BCB) and the Supervisory Authority of the Financial System (ASFI). Also in attendance were investors including Oikocredit, LOCFUND, Bolivian Investments Management and Alphamundi Group, and other industry stakeholders such as the Corporación Andina de Fomento (CAF), World Vision, Fundación PROFIN, Consultora IMPACTO, CONFIE, AFIN, and representatives of the local media.
Bringing the Transparent Pricing Initiative to South America
Sunday, April 11th, 2010Hola from Quito! I have recently moved to Ecuador, where I’m currently organizing the preparations for our South America projects. Peru was the first country where we kicked off our Transparent Pricing Initiative in early 2009. This year, we’ll bring the Initiative to Ecuador, Bolivia, Colombia and Argentina. Our 2010 South America projects are sponsored by the Ford Foundation, and in the case of Bolivia also by MicroNed.
As part of the MFTransparency Transparent Pricing Initiative we will host a series of workshops in Ecuador and Bolivia in late April and early May. The first workshop will take place in Quito on April 27th, followed by the same event in Ambato and Guayaquil on April 28th and 29th, respectively. Our team will then travel to Bolivia and host workshops in La Paz on May 4th and 6th and in Santa Cruz de la Sierra on May 5th. At these events Chuck Waterfield, Founder and CEO of MFTransparency and Alexandra Fiorillo, Vice President of the organization, will share with key stakeholders of the local microfinance sectors the new industry standard for calculating interest rates for microcredit products. We’ll also explain how each MFI can actively participate in our Transparency Initiative and benefit directly from our Bolivian and Ecuadorian Market Data.
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