The principle of transparent and responsible pricing rests on the assumption that clients are capable of making smart financial decisions when they have access to and understand all the necessary information.Transparent pricing goes beyond just stating an interest rate. Financial institutions are responsible for making sure that they communicate a product’s true total cost, along with its applicable terms and conditions,in a way that clients can understand, given educational and language considerations.
Responsible pricing means that the financial institution sets prices so that they are affordable for the consumer at the same time that they enable the financial institution to operate sustainably.
The Bosnian MFI Mi-Bospo focuses on client protection to safeguard both the institution and clients. For Mi-Bospo, transparency and responsible prices are key elements of ensuring client satisfaction. The MFI ensures transparency by screening potential hires,adhering to strict marketing guidelines, and taking time during the loan process to be sure that clients understand their rights and responsibilities.