Microfinance reaps rewards for offline communities in Africa
Picture the scene. It’s the month end, and you’re due a stock take. Not only do you have to calculate fluctuating staff salaries, but there’s a small loan to take into account and creditors need to be paid. There’s money in the bank, but you’re unsure how much. What do you do?
For most of us, we’d turn to our internet banking, online stock directory or cloud-based payroll system. But in the growing microfinance industry, which serves some the world’s most remote locations, we’re talking old-school ledger books and a pen and paper.
Not only is it inefficient in today’s fast-paced world, but it can also be counter-productive. As to expand and secure a loan or any collateral, most applications will still need to be made online. But they come without the ease of management. Until now.