Undoubtedly, there are a number of challenges that microfinance institutions (MFIs) run into with the daily collection sector, underpinned by the Analog nature of the industry. Some of these challenges include;
No real-time reporting and traceability
The main office staff have no visibility of the daily collector’s activities, therefore Information reported by field officers cannot be verified. with such a system, the daily collector can easily modify information leading to fraud and decreasing customer confidence.
Inefficiencies in operations
Cumbersome manual double entry of data on the field and in the office Is a major plague affecting MFIs in Cameroon. This manual entry gives a high possibility of errors plus loss of Ample time and effort taken for reconciliation of this data.at the end of each day.
Agents most often lend collected money illegally to non-registered customers leading to Lost in business
What is the Ice breaker?
Digital revolution is profoundly renovating the world of finance. Henceforward financial service providers are bound to adopt in order to stay relevant in the market. In the same vein, working with over 100 MFIs in Cameroon for the last 6years–the most innovative Fintech company in Cameroon-Maviance Cameroon plc, with first-hand knowledge of the difficulties faced by MFIs in their core sector of daily collections, and as a key player in the Fintech space, this certified GIMAC/BEAC partner has therefore combined its market experience, with its trusted technological platform and is offering a unique win-win solution to these challenges by developing and deploying the “Smobilpay for Daily Collection” module of its award-winning smobilplay application. The solution provides to MFIs and their partners:
- Real-time visibility of the daily collector’s activities by the controller in the office as Information reported by the field officer is controlled by both the MFI and the customer instantly.
- Efficient Operations with No double entry of data since Data is entered ONLY once by a field officer. Reports are available anywhere and anytime (Monitoring is done from any location). Instant reconciliation of data as Back office cashier already knows the amount collected before the daily collector comes in to deposit cash. This data is used to analyze agent performance as Timestamp of the transaction shows exactly when the daily collector was working. The is Total control of daily collectors since accounts can be blocked remotely if they are not compliant.
- Customer Satisfaction-The customer gets printed receipt and SMS after each transaction and transaction history/ balance immediately upon request on the field.
it is worth noting that, maviance has deployed its payment platform (Smobilpay) in Cameroon since 2013 and These MFIs have been using Smobilpay to offer value-added digital services to their customers.
The launch of this solution has already witnessed a huge success, according to the company. “We’re seeing the broad acceptance of the use of this new technology in providing financial services, even at the lowest level of consumer income,” Dr Ibrahim Njimona, Director of partner relations at Maviance, said.
Most importantly, MFIs using Smobilpay for their daily collections are also experiencing a real strategic and financial interest in servicing the low-end part of the market. “This has led to cheaper, safer and eventually richer service offerings to their customers. We look forward to seeing how quickly other MFIs start following this lead by using Smobilpay for daily collection,” Dr Ibrahim Njimona concluded.
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