CGAP Invites Applications for the 2006 Financial Transparency Award

, July, 26 2006 - CGAP is now accepting applications for the Third Annual CGAP Financial Transparency Award from microfinance providers. The CGAP Financial Transparency Award promotes good practice MFI financial disclosure and stimulates improvements in annual financial reporting.

It is a contest that recognizes MFIs worldwide that are compliant with International Financial Reporting Standards (IFRS) and industry guidelines. The competition is based on 40 criteria. Those MFIs that fully comply with all criteria win a cash prize of USD 10,000. Started in 2004, the competition drew nearly 150 applicants in its first year, and 175 applications from 57 countries in the second year. In this third round, CGAP projects a steady increase in the number of applicants.

Five winners and sixty-three merit awardees were selected in 2005. Award ceremonies have attracted lots of publicity to winners and merit awardees within the local and national microfinance industry, from investors, policy makers, donors and regulators. Click here to see pictures of 2005 CGAP Financial Transparency Award presentations and here to see related press articles.

We invite you to learn more about the award and how your institution can apply. Deadline for sending applications is September 30, 2006.