{"id":3028,"date":"2022-06-07T09:58:36","date_gmt":"2022-06-07T09:58:36","guid":{"rendered":"https:\/\/wordpress-494181-2399266.cloudwaysapps.com\/?p=3028"},"modified":"2022-07-24T12:21:41","modified_gmt":"2022-07-24T12:21:41","slug":"food-for-thought-example-3","status":"publish","type":"post","link":"https:\/\/avrioimpact.com\/food-for-thought-example-3\/","title":{"rendered":"The value of digital transformation of microfinance providers on deepening financial inclusion around the globe"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Digital financial services have the potential to speed up financial inclusion in developing <\/span><span style=\"font-weight: 400;\">countries and trigger real benefits for both customers (convenience, faster transactions, <\/span><span style=\"font-weight: 400;\">diversified financial services, last-mile solutions) and providers (competitive market advantage, better risk mitigation, increased operational efficiency, rural outreach at lower <\/span><span style=\"font-weight: 400;\">cost). It is not if microfinance providers (MFP) like microfinance institutions, SACCOs and <\/span><span style=\"font-weight: 400;\">Credit Unions want to embark on the digital transformation journey but when.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">MFPs unable to perform the demanded speed and simplicity of borrowing processes will <\/span><span style=\"font-weight: 400;\">lose their competitiveness in the market. On top of that, they are usually less efficient and <\/span><span style=\"font-weight: 400;\">face a higher cost of acquisition than their \u2018digital counterparties\u2019. And whilst microfinance <\/span><span style=\"font-weight: 400;\">providers are taking progressive steps to embrace digital finance, it often comes with <\/span><span style=\"font-weight: 400;\">unforeseen challenges when there is not adequate experience on board to lead the digital <\/span><span style=\"font-weight: 400;\">transformation journey.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Digital channels, as part of digital financial services, make it much easier for microfinance <\/span><span style=\"font-weight: 400;\">institution providers to collect data. Data plays a crucial role in determining risk profiles for <\/span><span style=\"font-weight: 400;\">financially excluded customers. Using digital solutions also increases staff productivity as <\/span><span style=\"font-weight: 400;\">data can be put into the system immediately without the use of paperwork. Data collection, <\/span><span style=\"font-weight: 400;\">better risk mitigation and increased operational efficiency are just a few advantages of the <\/span><span style=\"font-weight: 400;\">digitization of MFPs.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Digital financial services offer customers access to a broader range of financial services such as credit, savings, insurance and payments that they can access even in remote areas. Simultaneously, it allows the MFPs to reach rural areas at a lower cost.\u00a0<\/span><\/p>\n<div class=\"pld-like-dislike-wrap pld-template-2\">\r\n    <div class=\"pld-like-wrap  pld-common-wrap\">\r\n    <a href=\"javascript:void(0)\" class=\"pld-like-trigger pld-like-dislike-trigger  \" title=\"\" data-post-id=\"3028\" data-trigger-type=\"like\" data-restriction=\"no\" data-already-liked=\"0\">\r\n                        <i class=\"fas fa-heart\"><\/i>\r\n                <\/a>\r\n    <span class=\"pld-like-count-wrap pld-count-wrap\">14    <\/span>\r\n<\/div><\/div>","protected":false},"excerpt":{"rendered":"<p>Digital financial services have the potential to speed up financial inclusion in developing countries and trigger real benefits for both customers (convenience, faster transactions, diversified financial services, last-mile solutions) and providers (competitive market advantage, better risk mitigation, increased operational efficiency, rural outreach at lower cost). It is not if microfinance providers (MFP) like microfinance institutions, SACCOs and Credit Unions want to embark on the digital transformation journey but when.<\/p>\n","protected":false},"author":1,"featured_media":3454,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","footnotes":""},"categories":[35,39,36],"tags":[],"class_list":["post-3028","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-digital","category-inclusion","category-microfinance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The value of digital transformation of microfinance providers on deepening financial inclusion around the globe - AVRIO IMPACT<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/avrioimpact.com\/food-for-thought-example-3\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The value of digital transformation of microfinance providers on deepening financial inclusion around the globe - AVRIO IMPACT\" \/>\n<meta property=\"og:description\" content=\"Digital financial services have the potential to speed up financial inclusion in developing countries and trigger real benefits for both customers (convenience, faster transactions, diversified financial services, last-mile solutions) and providers (competitive market advantage, better risk mitigation, increased operational efficiency, rural outreach at lower cost). It is not if microfinance providers (MFP) like microfinance institutions, SACCOs and Credit Unions want to embark on the digital transformation journey but when.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/avrioimpact.com\/food-for-thought-example-3\/\" \/>\n<meta property=\"og:site_name\" content=\"AVRIO IMPACT\" \/>\n<meta property=\"article:published_time\" content=\"2022-06-07T09:58:36+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-07-24T12:21:41+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/avrioimpact.com\/wp-content\/uploads\/2022\/03\/istockphoto-1203706373-612x612-1.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"612\" \/>\n\t<meta property=\"og:image:height\" content=\"459\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Sahana Arun Kumar\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Sahana Arun Kumar\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/avrioimpact.com\/food-for-thought-example-3\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/avrioimpact.com\/food-for-thought-example-3\/\"},\"author\":{\"name\":\"Sahana Arun Kumar\",\"@id\":\"https:\/\/avrioimpact.com\/#\/schema\/person\/18674baefaa2d0e09865329e11e714c8\"},\"headline\":\"The value of digital transformation of microfinance providers on deepening financial inclusion around the globe\",\"datePublished\":\"2022-06-07T09:58:36+00:00\",\"dateModified\":\"2022-07-24T12:21:41+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/avrioimpact.com\/food-for-thought-example-3\/\"},\"wordCount\":268,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/avrioimpact.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/avrioimpact.com\/food-for-thought-example-3\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/avrioimpact.com\/wp-content\/uploads\/2022\/03\/istockphoto-1203706373-612x612-1.jpeg\",\"articleSection\":[\"Digital\",\"Inclusion\",\"Microfinance\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/avrioimpact.com\/food-for-thought-example-3\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/avrioimpact.com\/food-for-thought-example-3\/\",\"url\":\"https:\/\/avrioimpact.com\/food-for-thought-example-3\/\",\"name\":\"The value of digital transformation of microfinance providers on deepening financial inclusion around the globe - 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