Transparent Pricing Initiative in Tanzania

Thank you for your participation in this global movement to practice transparent pricing in microfinance.

Data submissions completed:

  1. BRAC Tanzania
  2. Tujijenge Tanzania Ltd
  3. Better Life for Tanzania-BELITA
  4. FINCA Tanzania Ltd
  5. F&K Finance Ltd
  6. K-Finance Ltd
  7. Opportunity Tanzania
  8. Sero Lease and Finance Limited (SELFINA)
  9. Youth Self Employment Foundation (YOSEFO)
  10. Mwanga Community Bank
  11. Fanikiwa Microfinance Company (Ltd)
  12. Mbinga Community Bank
  13. National Microfinance Bank (NMB)
  14. Victoria Finance Ltd

Data submissions underway:

  1. Akiba Commercial Bank
  2. Presidential Trust Fund (PTF)
  3. Tanzania VICOBA Microfinance
  4. Small Enterprise Development Agency (SEDA)

MicroFinance Transparency works with a range of stakeholder groups to promote transparency by facilitating microfinance pricing disclosure, offering policy advisory services and developing training and education materials for all market stakeholders. MFTransparency represents an industry movement toward responsible pricing practices. Our vision is a microfinance industry operating with healthy free market conditions where consumers and other stakeholders can make informed decisions.

African Microfinance Transparency (AMT) calls for members to participate in the Transparent Pricing Initiative. In the 2010 AMT year-end summary, “all AMT members are actively encouraged to report their data on product pricing to MFTransparency“.

Tanzania is the seventh country in the enabling APR & EIR Program to be selected for MicroFinance Transparency’s Transparent Pricing Initiative. Alexandra Fiorillo, Vice President of MFTransparency, will conduct a workshop in Dar es Salaam on June 10, 2011 where she will share the new industry standard for calculating prices for microcredit products with the leading microfinance service providers in Tanzania.

The enabling APR & EIR Program is short for enabling Africa to Price Responsibly & Educate on Interest Rates. A client protection effort of unprecedented scale in Africa, the project is raising awareness of transparent pricing issues in Malawi, Uganda, Rwanda, Ghana, Tanzania, Zambia, South Africa and Mozambique. The main objective of the enabling APR & EIR Program is to promote improved consumer protection principles through microfinance product pricing transparency. It includes three major components: the collection and publication of pricing data, training on pricing transparency, and the development and dissemination of educational materials. For more information about the enabling APR & EIR Program please click here.

MFTransparency would like to thank the Tanzania Association of Microfinance Institutions (TAMFI) for their contribution to the launch workshop and their ongoing support in this Initiative.

Now is your opportunity to actively participate in the Transparent Pricing Initiative in Tanzania. During the Tanzania project, MFTransparency will be collecting information on all micro loan products offered by MFIs and banks. If your financial institution offers micro loan products, you can participate by submitting specific information on those products. Please follow the instructions below to complete the process.

To submit your loan product data to MicroFinance Transparency, please download and complete the following excel workbook:

Deadline to submit data: TBD

When you have completed the Data Collection Tool, please email it to: data@mftransparency.org Should you have any questions about MFTransparency, the data submission process, or anything else, please email data@mftransparency.org and our team will get back to you within 48 hours to answer your inquiries.

Materials to Download

To submit your loan product data to MicroFinance Transparency, please download and complete the following excel workbook:

Deadline to submit data: TBD

When you have completed the Data Collection Tool, please email it to: data@mftransparency.org

Should you have any questions about MFTransparency, the data submission process, or anything else, please email data@mftransparency.org and our team will get back to you within 48 hours to answer your inquiries.

News & Updates

Oikocredit: Social Performance Report 2010

May 27, 2011
MFTransparency: MFTransparency and the Tanzania Association of Microfinance Institutions (TAMFI) to Launch the Transparent Pricing Initiative in Tanzania

June 7, 2010
MFTransparency: MFTransparency Partners with The MasterCard Foundation to Promote a Fair and Transparent Microfinance Industry in Eight African Countries

Instructions for Data Collection Process

Instructions
Notes
Step 1
Fill out the basic information on the “MFI INFO” sheet
 Please note the “Number of Incomplete Data Points” counter as you fill in information.
Step 2
 Fill out a “LOAN PRODUCT” worksheet for every loan product you have, following instructions on the sheet carefully. If you have questions after reading the instructions, feel free to e-mail us for clarification. The data tool has capacity for up to 10 loan products.  If you have more, simply use multiple copies of the data collection tool.
Step 3
 Collect sample repayment schedules for EACH product using the guidance contained in the tool. Please note: The data tool indicates how many samples are needed, and what loan amounts they should be for. They should be loans that were disbursed within the past two months.
Step 4
 Double check your work, perhaps with a colleague, to ensure accuracy of the data. Verify that there are no incomplete cell errors or the data approval process will fail.  You will be able to save the incomplete file, however.
Step 5
 Email data@mftransparency.org to request a confidential authorization code.  This code is needed to insure that the data is being submitted by an authorized representative of the organization.  Please include the name and email address of your Executive Director (or equivalent) in this request. The confidential code will only be sent via email to the Executive Director / General Manager (or equivalent) of your institution.
Step 6
 MFTransparency will email the Executive Director (or equivalent) the confidential authorization code.
We strive to return this code within 24 hours.
Step 7
 Have the Executive Director (or equivalent) of your institution do a final review of the data and APPROVE its submission on the “Approval Sheet”, with the confidential authorization code. Once approved, all data in the tool will be LOCKED and nobody can make any changes. If you notice changes that need to be made after you lock the worksheet, please contact us.
Step 8
 Email this workbook and the repayment schedules to data@mftransparency.org.  If you cannot email the repayment schedules, please contact data@mftransparency.org to obtain a fax number you can use.
Step 9
 MFTransparency will contact you and your Executive Director (or equivalent) if we have any questions regarding the data. Please contact data@mftransparency.org with any questions or concerns you may have throughout the process.

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