How can #MicroFinanceInstitutions get benefitted with Digitalisation & #FinTech :
1. Use Aadhar number and EKYC to onboard customers
2. Use #Aadhar number for Credit check unless you have taken Voter Id number as identifier, even if you have done it link voter Id numbers with Aadhar numbers as one time activity
3. #UPI/Aadhar number to disburse payments in Seeded/Mapped account
4. #UPI2. 0 to set Standing Instructions
5. #AePS or UPI (*99#) strings saved as contacts to collect payments
6. A digital loan card
7. SMS Reminders for payments
8. For cash collection tie up with a Payment Service Provider (PSP) for instant Reconciliation integration. Or tie up with a Large network BC company or #Telcos
9. Thank to people providing you these services as single integrated service..😀
#Issues in doing so:
1.There are Practices, People, Processes which will restrict the complete #Digitalisation. Let us not talk about those but put in effort to manage whatever is possible.
2. Digitalisation will take away power from many including Centre Leaders. Its a #PowerPlay.
Written for the benefit of #MFIs and #FinTech companies.
Please provide your inputs to Digitalise #MFIs, increase efficiency and hence reduce lending rate for #BoP people.