MFTransparency and the Tanzania Association of Microfinance Institutions (TAMFI) Launch Initiative in Tanzania
Seventh Country in the enabling APR & EIR Program
LANCASTER, PA & DAR ES SALAAM, TANZANIA, May 27, 2011 – On June 10, 2011 MFTransparency and the Tanzania Association of Microfinance Institutions (TAMFI) will co-host a workshop in Dar es Salaam, Tanzania to launch the Transparent Pricing Initiative in Tanzania, the seventh country in the MasterCard Foundation-funded enabling APR & EIR Program. A second workshop in Arusha will follow on June 13.
In this workshop, Alexandra Fiorillo, Vice President of MFTransparency, will provide training on pricing transparency to a range of local industry stakeholders including microfinance institutions, regulators, funders and other support organizations. The event in Dar es Salaam will mark the launch of the Transparent Pricing Initiative in Tanzania, during which MFTransparency will collect and publish pricing data for microfinance products offered in Tanzania. Through this Initiative, MFTransparency will facilitate discussion on issues related to pricing transparency as well as develop and disseminate financial literacy materials for microfinance clients.
The Transparent Pricing Initiative in Tanzania will also mark the launch of the seventh country project in the broader enabling APR & EIR Program. 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 will raise 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. Launched in August 2010, Malawi was the first country of the enabling APR & EIR Program to begin the Transparent Pricing Initiative. The program has since expanded to Uganda, Rwanda, Ghana and South Africa, with data for Uganda and Rwanda forthcoming.
“TAMFI has spearheaded the promotion of transparency in the Tanzanian microfinance industry, and we believe their support will be a great asset to the Transparent Pricing Initiative in Tanzania,” said Alexandra Fiorillo.
The Tanzania Association of Microfinance Institutions (TAMFI) works to develop the capacity of microfinance institutions in Tanzania through advocacy, training and information gathering and dissemination. Its main activities include working to promote an effective regulatory framework, developing relationships between members and external organizations and communicating the achievements of its members to the broader industry.
MFTransparency is a global initiative for responsible and transparent pricing in the microfinance industry. In each country included in its Global Transparent Pricing Initiative, MFTransparency collects data on the interest and fees charged on each microfinance loan product in order to calculate the accurate, true price (Effective Interest Rate) on those loans. Its intention is to establish the industry standard for pricing disclosure, and facilitate a fair exchange between suppliers and consumers of microfinance products.
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 India, Cambodia, Bangladesh, Azerbaijan, Bosnia, Kenya, Malawi, Uganda, Rwanda, South Africa, Ghana, Senegal, Burkina Faso, Togo, Benin, Mali, Niger, Bolivia, Ecuador, Argentina, Colombia and Peru. 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 800 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.
About the Association of MicroFinance Institutions of Tanzania
The Tanzania Association of Microfinance Institutions (TAMFI) is the umbrella organization for
microfinance organizations operating in Tanzania. TAMFI’s vision is to become a vibrant
network that effectively supports the microfinance industry in Tanzania. TAMFI’s mission is to facilitate the creation of an enabling environment for development of a sustainable through
the participation of all stakeholders. TAMFI’s core values include accountability and transparency, equity and fairness, good governance and environment-friendly enterprise. More information is available at www.tamfi.com.
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