MFTransparency and Planet Rating announce transparent pricing data collection partnership to promote responsible microfinance
LANCASTER, PA, USA & PARIS, FRANCE, July 26, 2012
MicroFinance Transparency and Planet Rating today announced plans to form a strategic implementation partnership that will use their complementary strengths and expertise to collect and refresh microloan product pricing data and to promote pricing transparency within the microfinance sector.
Planet Rating, a global rating agency specializing in microfinance, will work with MFTransparency, the industry leader in transparent pricing, to collect and publish complete and comparable data on the interest rates and fees charged to microfinance clients. As a prerequisite for responsible pricing and a key element of consumer protection, transparent pricing leads to increased competition and better-informed decisions by all industry stakeholders. The partnership between MFTransparency and Planet Rating will result in increased knowledge of pricing within the microfinance industry and a better understanding of pricing trends over time.
Under the agreed partnership Planet Rating will act as implementation partner for MFTransparency’s data collection and pricing disclosure for various countries within the Global Transparent Pricing Initiative, commencing with the seven countries of the MasterCard Foundation funded enabling APR and EIR Program.
Chuck Waterfield, CEO of MFTransparency commented “Moving towards this partnership approach of operations will enable us to develop a deeper and more widespread understanding of microfinance pricing. We are delighted to work with Planet Rating and with their support will extend the benefits of pricing transparency to the microfinance industry at large”.
Emmanuelle Javoy, Managing Director of Planet Rating commented “Transparent pricing data enables us to better understand the competitive environment of the MFIs that we rate and the costs being charged to clients in the markets where we operate. Planet Rating is therefore very happy to work in partnership with MFTransparency and contribute to a better transparency in pricing”.
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 responsible microfinance. Based in the United States, the group has organized transparent pricing efforts in nearly 30 countries on four continents. For more information please visit www.mftransparency.org. Grameen Bank’s Dr. Muhammad Yunus and Elizabeth Littlefield, former CEO of CGAP, as well as over 900 industry professionals and organizations have committed to transparent pricing by endorsing MFTransparency and its initiative.
About Planet Rating
Paris-based Planet Rating is a global rating agency specialized in microfinance, focused on providing all microfinance stakeholders with the information they need for sound growth of the sector. Founded in 1999, Planet Rating has provided more than 650 financial and social ratings of MFIs, playing a vital role in professionalizing the sector for over a decade. Planet Rating provides high quality and unbiased rating reports, and offers a global geographic coverage through its six offices located in Paris, Lima, Dakar, Nairobi, Beirut, and Manila.
For questions relating to this press release please contact:
CEO, MicroFinance Transparency
+1 717 475 6733
Managing Director, Planet Rating
+33 1 4921 2630