Microfinance institutions seek to deliver quality financial services to an untapped market: people who are not part of the formal banking system. The barriers of entry to formal banks can be very high, including minimum balances to maintain accounts, transaction fees, and a limited number of branch locations. People who cannot meet the minimum requirements or live far away from the bank branch are effectively excluded from the conventional retail bank services. This exclusion is often by design; retail banks find it too costly and risky to work with clients at the bottom of the pyramid, especially in emerging markets.
Many of our partners, who specifically develop financial products and services for this tier of clients, are turning to innovative technologies to reduce the risks and costs of doing business, and improve the quality of services.
For more on this story visit the following link: Agent Banking in the Democratic Republic of Congo