![Page 1: Promoting Transparent Pricing in the Microfinance Industry ... · Data Launch Hosted by MFTransparency Webinar ... Uganda, Rwanda, Ghana, Tanzania, Zambia, South Africa and Mozambique](https://reader035.vdocument.in/reader035/viewer/2022071006/5fc30a5c825d585f4d6d1e91/html5/thumbnails/1.jpg)
Tanzania Data Launch
Hosted by
MFTransparency
Webinar
January 23, 2012
Promoting Transparent Pricing in the Microfinance Industry
![Page 2: Promoting Transparent Pricing in the Microfinance Industry ... · Data Launch Hosted by MFTransparency Webinar ... Uganda, Rwanda, Ghana, Tanzania, Zambia, South Africa and Mozambique](https://reader035.vdocument.in/reader035/viewer/2022071006/5fc30a5c825d585f4d6d1e91/html5/thumbnails/2.jpg)
enabling APR & EIR Program
enabling Africa to Price Responsibly and Educate on Interest Rates
Sponsored by the MasterCard Foundation
Eight countries in 18 months: Malawi, Uganda, Rwanda, Ghana, South Africa, Tanzania, Zambia, Mozambique
![Page 3: Promoting Transparent Pricing in the Microfinance Industry ... · Data Launch Hosted by MFTransparency Webinar ... Uganda, Rwanda, Ghana, Tanzania, Zambia, South Africa and Mozambique](https://reader035.vdocument.in/reader035/viewer/2022071006/5fc30a5c825d585f4d6d1e91/html5/thumbnails/3.jpg)
Transparent Pricing Initiative in Tanzania
Tanzania is the seventh country in the enabling APR & EIR Program to be selected for the Transparent Pricing Initiative.
MFTransparency conducted a transparency workshop in Dar es Salaam on June 10th , 2011 to launch the Tanzania Initiative.
The enabling Africa to Price Responsibly & Educate on Interest Rates Program is a client protection effort of unprecedented scale in Africa, covering Malawi, Uganda, Rwanda, Ghana, Tanzania, Zambia, South Africa and Mozambique.
This initiative includes three major components: the collection and publication of pricing data, training on pricing transparency, and the development and dissemination of educational materials.
![Page 4: Promoting Transparent Pricing in the Microfinance Industry ... · Data Launch Hosted by MFTransparency Webinar ... Uganda, Rwanda, Ghana, Tanzania, Zambia, South Africa and Mozambique](https://reader035.vdocument.in/reader035/viewer/2022071006/5fc30a5c825d585f4d6d1e91/html5/thumbnails/4.jpg)
Transparent Pricing Initiative in Tanzania
The enabling APR & EIR Program is sponsored by:
Thank you to our local partner in Tanzania:
![Page 5: Promoting Transparent Pricing in the Microfinance Industry ... · Data Launch Hosted by MFTransparency Webinar ... Uganda, Rwanda, Ghana, Tanzania, Zambia, South Africa and Mozambique](https://reader035.vdocument.in/reader035/viewer/2022071006/5fc30a5c825d585f4d6d1e91/html5/thumbnails/5.jpg)
Participating Institutions
![Page 6: Promoting Transparent Pricing in the Microfinance Industry ... · Data Launch Hosted by MFTransparency Webinar ... Uganda, Rwanda, Ghana, Tanzania, Zambia, South Africa and Mozambique](https://reader035.vdocument.in/reader035/viewer/2022071006/5fc30a5c825d585f4d6d1e91/html5/thumbnails/6.jpg)
Transparent Pricing Initiative in Tanzania
Participating MFIs
BRAC Tanzania
Tujijenge Tanzania Ltd
Better Life for Tanzania-BELITA
FINCA Tanzania Ltd
F&K Finance Ltd
K-Finance Ltd
Opportunity Tanzania
Participating MFIs
Sero Lease and Finance Limited (SELFINA)
Youth Self Employment Foundation (YOSEFO)
Mwanga Community Bank
Fanikiwa Microfinance Company (Ltd)
Mbinga Community Bank
National Microfinance Bank (NMB
Victoria Finance Ltd
![Page 7: Promoting Transparent Pricing in the Microfinance Industry ... · Data Launch Hosted by MFTransparency Webinar ... Uganda, Rwanda, Ghana, Tanzania, Zambia, South Africa and Mozambique](https://reader035.vdocument.in/reader035/viewer/2022071006/5fc30a5c825d585f4d6d1e91/html5/thumbnails/7.jpg)
Type of Institution (14 Institutions)
7.14%
64.29%
28.57%
Publicly traded for profit
Privately-owned for profit
NGO
![Page 8: Promoting Transparent Pricing in the Microfinance Industry ... · Data Launch Hosted by MFTransparency Webinar ... Uganda, Rwanda, Ghana, Tanzania, Zambia, South Africa and Mozambique](https://reader035.vdocument.in/reader035/viewer/2022071006/5fc30a5c825d585f4d6d1e91/html5/thumbnails/8.jpg)
Regulated vs. Unregulated
• 4 institutions regulated, 10 institutions unregulated
28.57%
71.43%
Regulated
Unregulated
![Page 9: Promoting Transparent Pricing in the Microfinance Industry ... · Data Launch Hosted by MFTransparency Webinar ... Uganda, Rwanda, Ghana, Tanzania, Zambia, South Africa and Mozambique](https://reader035.vdocument.in/reader035/viewer/2022071006/5fc30a5c825d585f4d6d1e91/html5/thumbnails/9.jpg)
Product Pricing Analysis
![Page 10: Promoting Transparent Pricing in the Microfinance Industry ... · Data Launch Hosted by MFTransparency Webinar ... Uganda, Rwanda, Ghana, Tanzania, Zambia, South Africa and Mozambique](https://reader035.vdocument.in/reader035/viewer/2022071006/5fc30a5c825d585f4d6d1e91/html5/thumbnails/10.jpg)
Loan Purpose (30 products)
12% 6% 3% 3%
58%
18%
0%
10%
20%
30%
40%
50%
60%
70%
Housing Emergency Consumer Education Business AnyPurpose
Pe
rce
nta
ge o
f P
urp
ose
s
Purpose as a Percentage of Purposes
![Page 11: Promoting Transparent Pricing in the Microfinance Industry ... · Data Launch Hosted by MFTransparency Webinar ... Uganda, Rwanda, Ghana, Tanzania, Zambia, South Africa and Mozambique](https://reader035.vdocument.in/reader035/viewer/2022071006/5fc30a5c825d585f4d6d1e91/html5/thumbnails/11.jpg)
Eligibility
0.00%
26.67%
73.33%
0.00%
Product Eligibility
Must be asalariedworker
Must own ahome
Must run abusiness
Specific agegroup (youth,elderly)
10%
90%
Gender Focus
Women only
Either
![Page 12: Promoting Transparent Pricing in the Microfinance Industry ... · Data Launch Hosted by MFTransparency Webinar ... Uganda, Rwanda, Ghana, Tanzania, Zambia, South Africa and Mozambique](https://reader035.vdocument.in/reader035/viewer/2022071006/5fc30a5c825d585f4d6d1e91/html5/thumbnails/12.jpg)
Lending Methodology
48.39%
48.39%
3.23%
Individual
Solidarity
Village Banking
![Page 13: Promoting Transparent Pricing in the Microfinance Industry ... · Data Launch Hosted by MFTransparency Webinar ... Uganda, Rwanda, Ghana, Tanzania, Zambia, South Africa and Mozambique](https://reader035.vdocument.in/reader035/viewer/2022071006/5fc30a5c825d585f4d6d1e91/html5/thumbnails/13.jpg)
Other Services Offered
28.81%
27.12%
22.03%
5.08%
6.78%
10.17%
0% 5% 10% 15% 20% 25% 30% 35%
Credit Education
Credit Insurance
Group Meetings
Business Training
TA Visits to Workplace
Other Training
Percentage of services offered
Other Services Offered with Loan Product
![Page 14: Promoting Transparent Pricing in the Microfinance Industry ... · Data Launch Hosted by MFTransparency Webinar ... Uganda, Rwanda, Ghana, Tanzania, Zambia, South Africa and Mozambique](https://reader035.vdocument.in/reader035/viewer/2022071006/5fc30a5c825d585f4d6d1e91/html5/thumbnails/14.jpg)
Repayment Frequency
5.88%
29.41%
5.88% 2.94%
50.00%
5.88%
0%
10%
20%
30%
40%
50%
60%
Daily Weekly Every twoweeks
Quarterly Monthly Single Endpayment
Percentage of frequencies
Repayment Frequency
![Page 15: Promoting Transparent Pricing in the Microfinance Industry ... · Data Launch Hosted by MFTransparency Webinar ... Uganda, Rwanda, Ghana, Tanzania, Zambia, South Africa and Mozambique](https://reader035.vdocument.in/reader035/viewer/2022071006/5fc30a5c825d585f4d6d1e91/html5/thumbnails/15.jpg)
Reasons for Variations in Price
9 products have a range of interest rates
11.11%
11.11%
22.22%
22.22%
33.33%
Branch Location
Client profile/Clientrisk
Length of time asclient
Loan size
Others
![Page 16: Promoting Transparent Pricing in the Microfinance Industry ... · Data Launch Hosted by MFTransparency Webinar ... Uganda, Rwanda, Ghana, Tanzania, Zambia, South Africa and Mozambique](https://reader035.vdocument.in/reader035/viewer/2022071006/5fc30a5c825d585f4d6d1e91/html5/thumbnails/16.jpg)
Interest Calculation Method
3.33%
96.670%
Declining Balance
Flat
![Page 17: Promoting Transparent Pricing in the Microfinance Industry ... · Data Launch Hosted by MFTransparency Webinar ... Uganda, Rwanda, Ghana, Tanzania, Zambia, South Africa and Mozambique](https://reader035.vdocument.in/reader035/viewer/2022071006/5fc30a5c825d585f4d6d1e91/html5/thumbnails/17.jpg)
Fees & Insurance
All products (100%) have a fee
19% of all fees are for the purpose of insurance
100%
0%
Products with a Fee
Fee
No Fee
81%
19%
Fee & Insurance
OtherType ofFees
Insurance
![Page 18: Promoting Transparent Pricing in the Microfinance Industry ... · Data Launch Hosted by MFTransparency Webinar ... Uganda, Rwanda, Ghana, Tanzania, Zambia, South Africa and Mozambique](https://reader035.vdocument.in/reader035/viewer/2022071006/5fc30a5c825d585f4d6d1e91/html5/thumbnails/18.jpg)
Fees & Insurance
88%
12%
Disbursement vs. Ongoing Fees
Disbursement
Ongoing
48.84%
51.16%
Disclosed on Repayment Schedule
Disclosed
Notdisclosed
![Page 19: Promoting Transparent Pricing in the Microfinance Industry ... · Data Launch Hosted by MFTransparency Webinar ... Uganda, Rwanda, Ghana, Tanzania, Zambia, South Africa and Mozambique](https://reader035.vdocument.in/reader035/viewer/2022071006/5fc30a5c825d585f4d6d1e91/html5/thumbnails/19.jpg)
Compulsory Savings 21 products out of 30 require compulsory savings
Of the 21 products that require savings, 2 disclosed the amount of compulsory savings on the repayment schedule
For 7 products, borrowers control savings internally
70.00%
3.33%
26.67%
Compulsory Savings
Required forall loans
Required forsome loans
Neverrequired
38.10%
61.90%
Compulsory Savings by Type of Institution
NGO
Privately-owned forprofit
![Page 20: Promoting Transparent Pricing in the Microfinance Industry ... · Data Launch Hosted by MFTransparency Webinar ... Uganda, Rwanda, Ghana, Tanzania, Zambia, South Africa and Mozambique](https://reader035.vdocument.in/reader035/viewer/2022071006/5fc30a5c825d585f4d6d1e91/html5/thumbnails/20.jpg)
Pricing Calculations
![Page 21: Promoting Transparent Pricing in the Microfinance Industry ... · Data Launch Hosted by MFTransparency Webinar ... Uganda, Rwanda, Ghana, Tanzania, Zambia, South Africa and Mozambique](https://reader035.vdocument.in/reader035/viewer/2022071006/5fc30a5c825d585f4d6d1e91/html5/thumbnails/21.jpg)
Interest Rate Calculations
Interest Fees Insurance Security
Deposit
APR (Interest + Fees + Insurance) X X X
APR (Including Security Deposit) X X X X
EIR (Interest + Fees + Insurance) X X X
EIR (Including Security Deposit) X X X X
![Page 22: Promoting Transparent Pricing in the Microfinance Industry ... · Data Launch Hosted by MFTransparency Webinar ... Uganda, Rwanda, Ghana, Tanzania, Zambia, South Africa and Mozambique](https://reader035.vdocument.in/reader035/viewer/2022071006/5fc30a5c825d585f4d6d1e91/html5/thumbnails/22.jpg)
APR Ranges by Institution Type
67.94% 68.65%
28.56%
0.00%
20.00%
40.00%
60.00%
80.00%
100.00%
NGO Privately-owned 'For-Profit'
Publicly-traded 'ForProfit'
APR by Institution Type (Weighted Average, Minimum and Maximum)
APR (Int + Fees + Insurance)
![Page 23: Promoting Transparent Pricing in the Microfinance Industry ... · Data Launch Hosted by MFTransparency Webinar ... Uganda, Rwanda, Ghana, Tanzania, Zambia, South Africa and Mozambique](https://reader035.vdocument.in/reader035/viewer/2022071006/5fc30a5c825d585f4d6d1e91/html5/thumbnails/23.jpg)
APR Ranges by Loan Purpose
Business Housing Emergency Consumer EducationAny
Purpose
Minimum APR 49.9% 57.7% 90.2% 67.6% 67.6% 67.6%
Maximum APR 59.5% 62.5% 90.6% 78.2% 78.2% 88.6%
Weighted Average APR 53.2% 59.1% 90.4% 71.3% 71.3% 75.1%
53.2% 59.1%
90.4% 71.3% 71.3%
75.1
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
80.0%
90.0%
100.0%
AP
R (
Int
+ Fe
es
+ In
sura
nce
)
APR by Product Purpose
![Page 24: Promoting Transparent Pricing in the Microfinance Industry ... · Data Launch Hosted by MFTransparency Webinar ... Uganda, Rwanda, Ghana, Tanzania, Zambia, South Africa and Mozambique](https://reader035.vdocument.in/reader035/viewer/2022071006/5fc30a5c825d585f4d6d1e91/html5/thumbnails/24.jpg)
APR Ranges by Rural/Urban
Rural Urban Both
Minimum 79.7% 44.2% 56.1%
Maximum 89.7% 52.4% 63.7%
Weighted Average APR 82.9% 47.5% 58.6%
82.9%
47.5% 58.6%
0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%80.0%90.0%
100.0%
AP
R (
Int
+ Fe
es
+ In
sura
nce
) APR by Geographic Focus
![Page 25: Promoting Transparent Pricing in the Microfinance Industry ... · Data Launch Hosted by MFTransparency Webinar ... Uganda, Rwanda, Ghana, Tanzania, Zambia, South Africa and Mozambique](https://reader035.vdocument.in/reader035/viewer/2022071006/5fc30a5c825d585f4d6d1e91/html5/thumbnails/25.jpg)
MFTransparency Interactive Price Graphs
![Page 26: Promoting Transparent Pricing in the Microfinance Industry ... · Data Launch Hosted by MFTransparency Webinar ... Uganda, Rwanda, Ghana, Tanzania, Zambia, South Africa and Mozambique](https://reader035.vdocument.in/reader035/viewer/2022071006/5fc30a5c825d585f4d6d1e91/html5/thumbnails/26.jpg)
Price Graphs APR (Int + Fees + Insurance)
![Page 27: Promoting Transparent Pricing in the Microfinance Industry ... · Data Launch Hosted by MFTransparency Webinar ... Uganda, Rwanda, Ghana, Tanzania, Zambia, South Africa and Mozambique](https://reader035.vdocument.in/reader035/viewer/2022071006/5fc30a5c825d585f4d6d1e91/html5/thumbnails/27.jpg)
Products with > 50 Active Borrowers
![Page 28: Promoting Transparent Pricing in the Microfinance Industry ... · Data Launch Hosted by MFTransparency Webinar ... Uganda, Rwanda, Ghana, Tanzania, Zambia, South Africa and Mozambique](https://reader035.vdocument.in/reader035/viewer/2022071006/5fc30a5c825d585f4d6d1e91/html5/thumbnails/28.jpg)
Products with > 50 Active Borrowers Loan Amount < 5,000,000 UGX
![Page 29: Promoting Transparent Pricing in the Microfinance Industry ... · Data Launch Hosted by MFTransparency Webinar ... Uganda, Rwanda, Ghana, Tanzania, Zambia, South Africa and Mozambique](https://reader035.vdocument.in/reader035/viewer/2022071006/5fc30a5c825d585f4d6d1e91/html5/thumbnails/29.jpg)
Products with > 50 Active Borrowers Institution Type: Private For-profit
![Page 30: Promoting Transparent Pricing in the Microfinance Industry ... · Data Launch Hosted by MFTransparency Webinar ... Uganda, Rwanda, Ghana, Tanzania, Zambia, South Africa and Mozambique](https://reader035.vdocument.in/reader035/viewer/2022071006/5fc30a5c825d585f4d6d1e91/html5/thumbnails/30.jpg)
Products with > 50 Active Borrowers Institution Type: NGO
![Page 31: Promoting Transparent Pricing in the Microfinance Industry ... · Data Launch Hosted by MFTransparency Webinar ... Uganda, Rwanda, Ghana, Tanzania, Zambia, South Africa and Mozambique](https://reader035.vdocument.in/reader035/viewer/2022071006/5fc30a5c825d585f4d6d1e91/html5/thumbnails/31.jpg)
Products with > 50 Active Borrowers Institution Type: Public For Profit
![Page 32: Promoting Transparent Pricing in the Microfinance Industry ... · Data Launch Hosted by MFTransparency Webinar ... Uganda, Rwanda, Ghana, Tanzania, Zambia, South Africa and Mozambique](https://reader035.vdocument.in/reader035/viewer/2022071006/5fc30a5c825d585f4d6d1e91/html5/thumbnails/32.jpg)
Products with > 50 Active Borrowers Purpose: Business
![Page 33: Promoting Transparent Pricing in the Microfinance Industry ... · Data Launch Hosted by MFTransparency Webinar ... Uganda, Rwanda, Ghana, Tanzania, Zambia, South Africa and Mozambique](https://reader035.vdocument.in/reader035/viewer/2022071006/5fc30a5c825d585f4d6d1e91/html5/thumbnails/33.jpg)
Products with > 50 Active Borrowers Purpose: Education
![Page 34: Promoting Transparent Pricing in the Microfinance Industry ... · Data Launch Hosted by MFTransparency Webinar ... Uganda, Rwanda, Ghana, Tanzania, Zambia, South Africa and Mozambique](https://reader035.vdocument.in/reader035/viewer/2022071006/5fc30a5c825d585f4d6d1e91/html5/thumbnails/34.jpg)
Products with > 50 Active Borrowers Purpose: Consumption
![Page 35: Promoting Transparent Pricing in the Microfinance Industry ... · Data Launch Hosted by MFTransparency Webinar ... Uganda, Rwanda, Ghana, Tanzania, Zambia, South Africa and Mozambique](https://reader035.vdocument.in/reader035/viewer/2022071006/5fc30a5c825d585f4d6d1e91/html5/thumbnails/35.jpg)
Products with > 50 Active Borrowers Purpose: Housing
![Page 36: Promoting Transparent Pricing in the Microfinance Industry ... · Data Launch Hosted by MFTransparency Webinar ... Uganda, Rwanda, Ghana, Tanzania, Zambia, South Africa and Mozambique](https://reader035.vdocument.in/reader035/viewer/2022071006/5fc30a5c825d585f4d6d1e91/html5/thumbnails/36.jpg)
Products with > 50 Active Borrowers Interest Calculation Method: Flat
![Page 37: Promoting Transparent Pricing in the Microfinance Industry ... · Data Launch Hosted by MFTransparency Webinar ... Uganda, Rwanda, Ghana, Tanzania, Zambia, South Africa and Mozambique](https://reader035.vdocument.in/reader035/viewer/2022071006/5fc30a5c825d585f4d6d1e91/html5/thumbnails/37.jpg)
Products with > 50 Active Borrowers Interest Calculation Method: Declining Balance
![Page 38: Promoting Transparent Pricing in the Microfinance Industry ... · Data Launch Hosted by MFTransparency Webinar ... Uganda, Rwanda, Ghana, Tanzania, Zambia, South Africa and Mozambique](https://reader035.vdocument.in/reader035/viewer/2022071006/5fc30a5c825d585f4d6d1e91/html5/thumbnails/38.jpg)
Summary Institution cost structure: Every institution has a unique cost
structure which requires a unique pricing strategy.
Product cost structure: Different loan products can have significantly different cost structures. It is therefore necessary to look at each loan product individually when assigning loan prices.
Limitations of portfolio yield: If we do not analyze costs and prices on a product-by-product basis, our overall portfolio yield may be positive, but some individual products not profitable. This can cause sustainability problems in the future.
Remember: Each product is unique and requires a distinct pricing strategy.
![Page 39: Promoting Transparent Pricing in the Microfinance Industry ... · Data Launch Hosted by MFTransparency Webinar ... Uganda, Rwanda, Ghana, Tanzania, Zambia, South Africa and Mozambique](https://reader035.vdocument.in/reader035/viewer/2022071006/5fc30a5c825d585f4d6d1e91/html5/thumbnails/39.jpg)
Recommendations
![Page 40: Promoting Transparent Pricing in the Microfinance Industry ... · Data Launch Hosted by MFTransparency Webinar ... Uganda, Rwanda, Ghana, Tanzania, Zambia, South Africa and Mozambique](https://reader035.vdocument.in/reader035/viewer/2022071006/5fc30a5c825d585f4d6d1e91/html5/thumbnails/40.jpg)
Loan Documentation: Considerations Client perspective
•It is important to always consider the true price of a loan from the point-of-view of the client
•How much money does a client have to spend in order to access a loan?
•Shows the expected cash flow for the client
•Should disclose all charges made at disbursement and during the loan term
Repayment schedule
Standardization
•At the local industry level, lenders and other stakeholders should define a standard interest rate calculation and loan documentation system
•Standardization allows for comparison across competing loan offers from the perspective of the client
![Page 41: Promoting Transparent Pricing in the Microfinance Industry ... · Data Launch Hosted by MFTransparency Webinar ... Uganda, Rwanda, Ghana, Tanzania, Zambia, South Africa and Mozambique](https://reader035.vdocument.in/reader035/viewer/2022071006/5fc30a5c825d585f4d6d1e91/html5/thumbnails/41.jpg)
Resources: Recommended Repayment Schedule Template
![Page 42: Promoting Transparent Pricing in the Microfinance Industry ... · Data Launch Hosted by MFTransparency Webinar ... Uganda, Rwanda, Ghana, Tanzania, Zambia, South Africa and Mozambique](https://reader035.vdocument.in/reader035/viewer/2022071006/5fc30a5c825d585f4d6d1e91/html5/thumbnails/42.jpg)
General Recommendations
Loan documentation
• Communicate as much information on both repayment schedule and contract
Interest rate calculation method
• Switch from flat to declining balance to enhance transparency
Technical assistance
MFTransparency provided assistance to implement these changes, but more effort is needed to continue to progress.
![Page 43: Promoting Transparent Pricing in the Microfinance Industry ... · Data Launch Hosted by MFTransparency Webinar ... Uganda, Rwanda, Ghana, Tanzania, Zambia, South Africa and Mozambique](https://reader035.vdocument.in/reader035/viewer/2022071006/5fc30a5c825d585f4d6d1e91/html5/thumbnails/43.jpg)
Thought: Microfinance in Tanzania
•Many mirofinance providers are considered out of the main stream financial services system in Tanzania
•To foster an enabling regulatory environment ,Central Bank should further focus on increasing financial access for the active poor , financial stability, and consumer protection
Regulation and supervision
• Local Networks when founded on good values with a clear vision can provide a cohesive voice and point of reference for all stakeholders in the local industry.
• Local network needs more support from all stakeholders in the local industry
Local Network
•At the local industry level, lenders and other stakeholders should define a standard interest rate calculation and loan documentation system
• Standardization allows for comparison across competing loan offers from the perspective of the client
Standardization
![Page 44: Promoting Transparent Pricing in the Microfinance Industry ... · Data Launch Hosted by MFTransparency Webinar ... Uganda, Rwanda, Ghana, Tanzania, Zambia, South Africa and Mozambique](https://reader035.vdocument.in/reader035/viewer/2022071006/5fc30a5c825d585f4d6d1e91/html5/thumbnails/44.jpg)
Promoting Transparent Pricing in the Microfinance Industry