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Electronic payment systems, big data and product innovations transforming microfinance?

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While microfinance has grown as a tool to fight poverty at the base of the pyramid, it has moved beyond simple credit provision to offer a more complex range of products and services across different delivery channels and is embracing new technology. The carefully developed program seeks to address these marked changes through introducing better risk management techniques, increasing the strength and resilience of microfinance institutions while improving financial access for the millions of excluded worldwide.

Martin Holtmann, Manager of Microfinance and Digital Financial Services at IFC said, “As IFC continues to support expanded financial access through the diversification of financial products and delivery channels, it is imperative that financial institutions are equipped with the skills to grow sustainably. This program enables IFC to leverage its experience in investment and private sector development with Boulder’s distinguished history of educating world leaders in microfinance. “

Robert Christen, President at the Boulder Institute added “At the Boulder Institute of Microfinance we see this program as one of a series of new offerings designed to keep microfinance institutions competitive and capable of delivering on their social mission in an ever-changing world. We hope that through our programs financial service providers can confront strategic risks through innovation that serves clients more completely in a next generation of products and channels.”

For more on this story visit the following link: Electronic payment systems, big data and product innovations transforming microfinance?

Source: International Finance Corporation 

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