Grameen Foundation ran a blog series hosted by Next Billion (March 17-June 11, 2015) on the challenges and benefits of microfinance institutions utilizing mobile technology to serve their clients.
Though mobile financial services offer microfinance institutions an important new channel to serve clients, their staff remain their most valuable asset. This is an important consideration for institutions as transitioning to mobile-based services will require all of their departments to navigate change.
Despite the large sums of money being poured into digital financial services around the world, enrollment and usage remain low and few services reach those who need them most. Grameen Foundation worked with two institutions that offer microfinance services in Uganda to help increase the adoption of digital services among current and potential clients.
With the rapid growth of mobile money services, financial providers are testing ways to use this distribution option. The infrastructure offered by mobile money operators allows financial services providers to reduce distribution costs and increase staff efficiency, while customers benefit from having more convenient and lower-cost financial access points.
March 16, 2015
By Sharada Ramanathan and Rajesh Sinha
Our first two posts talked about how Non-Banking Finance Companies (NBFC)-Microfinance Institutions (MFIs) who wish to become Business Correspondents (BCs), offering multiple banking products can effectively influence:
This study identifies challenges and opportunities of using mobile money with savings groups as it assesses:
This report reviews the constraints that are hindering the adoption of traditional financial services by the mass market in Nigeria. It then provides an in-depth analysis of the banking landscape for digital finance and reviews barriers to adoption, such as the regulatory context, technical and infrastructure challenges, lack of agent networks and mobile and language literacy among the target demographic.
March 24, 2014
By Kimberly Davies, Program Officer, Financial Services
You’ve finally gotten that new savings product off the ground and into people’s hands. They sign up in droves—and then they go silent.
