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Microfinance going cashless results and lessons learned from payments to asset-building nick-meakin
1. UOB is a licensed microfinance bank in Rwanda
⢠11 branches, 30 credit offices, 150,000 customers
Full range of services
⢠Loan products, including traditional group loans
⢠Savings and insurance products
⢠Remittance services
Management objectives driven by triple bottom line
⢠Transformation, outreach and sustainability
2. ⢠Through mHose, UOB are giving customers access to the full range of banking
services through their phone
Make deposits and
withdrawals though
network of Agents
Manage UOB loan:
⢠Repayments
⢠Receipt of loan
Customer
bank account
Other services: Send
money, buy airtime, pay
bill, balance enquiry
Interest is paid
Life insurance for customer
and 2 family members
3. 1. Reduce operational cash related risks
⢠Lending staff no longer need to handle cash
2. Increase efficiency and productivity
⢠Lending staff, data entry teams and Branch network will all
experience benefits
3. Provide clients with easier access to UOB
⢠Customers will have convenient, safe and affordable access to
savings, loan and insurance services
⢠Especially those customers with no access to a branch
4. Customers
⢠Over 10,000 registered, USD 750,000 transacted in Sept
⢠Customers have received mHose well
⢠Convenience and security of paying their loans
Agent network
⢠90 Agents registered throughout half the country
⢠Liquidity availability and customer service is acceptable
mHose system
⢠System reliability and performance is much improved
⢠Basic functionality is understood by customers and Agents
5. Challenges and
solutions
Protect group cohesion and liability
⢠SMSâs to group leaders (and airtime?)
⢠Ensure monthly meeting attendance
Increase customer usage: transactional and savings
account
⢠Customer training and incentives
⢠Agent availability and liquidity levels
Ensure sufficient liquidity
⢠Weekly forecast and coordination with staff
Provide adequate business case
⢠Sufficient customer numbers and usage
⢠Review commission structure
Ensure system availability and reliability
⢠UOB, VISA and SG to work together
⢠UOB to communicate and rate system issues
immediately