Promoting Transparency & Accountability

In order to emphasis the strong demand for sustainable microfinance institutions, the Network puts high importance on promoting transparency and accountability of microfinance stakeholder in the Sector.

Transparency helps the public (e.g. target groups, donors, financiers) to understand the microfinance-related policies by collecting reliable operational data on the performance of partners, and adds tremendous value to the industry. It provides the general and the markets with all relevant information on its strategy, products, assessments and policy decisions in an open, clear and timely manner. Public disclosure of partner performance can be an effective way to hold partners accountability for meeting standards.

To promote transparent and accountable microfinance institutions in Ghana, the network promotes good standards for the microfinance industry and encourages microfinance institutions to comply with all the Bank of Ghana, national and associations’ rules and regulations.

Other Initiatives can include:

• Conduct an Inventory of country level microfinance policies and regulations;
• Collect and disseminate information;
• Promote the use of industry Code of Conduct;
• Promotion of Consumer Protection Principles and Financial Literacy;
• Encourage members to become regulated and sustainable financial institutions;
• Performance Monitoring and Benchmarking; and
• Social Performance management