First Five Microfinance Institutions in Ethiopia Submit Pricing Data
LANCASTER, PA, USA November 11, 2011 – Wasasa, Harbu, Metemamen, Digaf and Poverty Eradication and Community Empowerment (PEACE) are the first five microfinance institutions to participate in the Transparent Pricing Initiative in Ethiopia by submitting microloan product information and pricing data. Through this commitment to transparency and client protection, these institutions have established themselves as leaders in the Ethiopian microfinance market. To date, 13 additional institutions in Ethiopia have followed their lead by beginning the process of submitting data to MFTransparency.
MFTransparency launched the Transparent Pricing Initiative in Ethiopia in September 2011 with widespread support from a range of industry actors. Working in partnership with the Association of Ethiopian Microfinance Institutions (AEMFI), and with support from the National Bank of Ethiopia (NBE) Microfinance Supervisions Directorate MFTransparency began the Transparent Pricing Initiative in Ethiopia with presentations at the 5th African Microfinance Conference in Addis Ababa. The presentations provided participants with information on issues related to transparency and consumer protection.
Wasasa Microfinance was the first institution in Ethiopia to submit pricing data. They recognized the value in the Transparent Pricing Initiative immediately, attending the presentation in Addis Ababa and scheduling a meeting with MFTransparency shortly afterwards, reflecting Wasasa’s core commitment to making its prices known. Wasasa Microfinance has established itself in the Ethiopian microfinance industry through its rural focus and emphasis on social responsibility.
Poverty Eradication and Community Empowerment (PEACE), a World Vision partner, completed its data submission in an organized and swift manner. Known in the Ethiopian market for its fight against poverty through the development of sustainable micro enterprises owned primarily by women, PEACE works to empower, encourage and motivate its clients.
Metemamen, Harbu and Digaf Microfinance were also quick to show their commitment to transparency, working closely with MFTransparency to complete their data submission quickly and efficiently. With a strong social focus these institutions have publically demonstrated their dedication to social performance and responsible pricing.
MFTransparency awards transparency certification to all financial institutions who submit data and commit to educating their clients on pricing. This consists of both a certificate to be displayed in the financial institution’s offices as well as a seal of transparency logo to be used on the institution’s marketing materials and website. All financial institutions in Ethiopia who have yet to submit their pricing data to MFTransparency are encouraged to do so, to show their clients, the Ethiopian microfinance market and the international microfinance community their commitment to transparency.
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. MFTransparency represents an industry movement toward transparent practices and responsibility. Based in the United States, the group has organized transparent pricing efforts in nearly 30 countries on four continents, including 17 countries across Sub-Saharan Africa. For more information please visit www.mftransparency.org. Grameen Bank’s Dr. Muhammad Yunus and Elizabeth Littlefield, former CEO of CGAP, as well as nearly 900 industry professionals and organizations have committed to transparent pricing by endorsing MFTransparency and its initiative. For information on MFTransparency staff, please see Who We Are.
For questions relating to this press release please contact:
To submit data to the Transparent Pricing Initiative in Ethiopia, please contact:
The Transparent Pricing Initiative in Ethiopia is sponsored by MicroNed and Terrafina