This report showcases the microfinance industry as it is today and possible roadmap ahead to take a quantum leap with digital as its springboard.
The report sheds light on how technology is expected to play a pivotal role in Microfinance in India, given the intense nature of operations. The MFIs will have an additional set of technology proficient competitors such as Fintech-based small-ticket lenders and crowd funding institutions. Usage of e-payments and ATM cards by the microfinance clients for payment and disbursal of loans is making the task of microfinance service providers much easier and this is why they are concentrating majorly on increasing the clientele. The microfinance institutions are also adopting Management Information System (MIS) for managing client data, streamlining their data maintenance. With the use of IT, the MFIs are also trying to simplify the process of lending small loans by making it more cost effective.
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