Baku, Fineko/abc.az., Azerbaijan’s microfinance leader AccessBank submitted data on rates of all its products to MFTransparency.

The bank informed that ynder MFTransparency’s Transparent Pricing Initiative, MFTransparency, in close collaboration with the Azerbaijan Micro Finance Association (AMFA), collected data on interest rates and fees, intended for  microfinance loan products in Azerbaijan in order to calculate their accurate, true prices (Effective Interest Rates). MFTransparency will present the resulting data on its website (www.mftransparency.org) for public review.

Andrew Pospielovsky, AccessBank General Manager, commenting on the initiative said, “AccessBank has always been committed to transparency in its pricing and client protection.  We are now demonstrating our commitment by being one of the first Azeri financial institutions to submit our loan rates  for international scrutiny.”

AccessBank is the largest microfinance institution in Azerbaijan with 98,000 active borrowers and a loan portfolio of $297 million on  January 1 2010. AccessBank is a member of AMFA, MFTransparency’s partner in the Transparent Pricing Initiative. The participation of AccessBank, along with many other microfinance institutions, in this global movement demonstrates its adherence to transparency and consumer protection.

MFTransparency is an international non-governmental organization was established in the USA in 2008 for the purpose of facilitating transparent markets through the spread of information about cost of financial products. MFTransparency represents an industry movement toward fair practices and responsibility.

AccessBank’s mission is to provide access to financial services for Azerbaijan’s low and middle income households and micro and small businesses.  AccessBank is 100% foreign owned by six shareholders: the European Bank for Reconstruction and Development (EDRD), the International Finance Corporation (IFC) , the Black Sea Trade and Development Bank (BSTDB), KfW Development Bank - the Development Bank of the German Government (20% share each), AccessHolding - a strategic investor in microfinance (16.5%), and LFS Financial Systems GmbH - a German consulting company (3.5%).

03.02.2010 16:26