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Microfinance Solution: A Need of the Hour

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Microfinance has a significant role in bridging the gap between the formal financial institutions and the rural poor and the microfinance software is what helps to automate all business activities. Microfinance Software provides you a smart banking functionality and enables you to manage your other areas of business. The Microfinance Institutions’s (MFIs) access to financial resources to a huge selection of unbanked population which has no prior credit history is an aspect that helps them track their operations better. This is where a Microfinance solution comes in. A microfinance solution helps you access your loans better than ever.

microfinance-empowering-women-bangladesh

Over the past few years, microfinance institutions have shown impressive growth and have been instrumental in the cause of financial inclusion. These institutions are the only factor equipped to resolve the existing cash crunch among low-income individuals situated in the suburban and rural areas.

MFIs offer financial services and small business loans within communities that have limited resources and very few avenues for economic growth. By microfinance solution empowering the people within these communities with their Microloan products, MFIs help these small businesses develop using their existing talent and skillsets.

Despite the incremental growth of MFIs, a lot remains to be achieved in terms of their operational efficiency. The cost of outreach would have a negative impact on making the business model dangerously unprofitable if the process was completely manual in nature.

 

better cash management

In this case, a well-rounded microfinance solution like Southtech’s Ascend Financials can be what you are looking for. Whether you are a small MFI looking to make a change or the industry leader, our flagship product Ascend Financials is your one-stop microfinance solution.

Ascend Financials helps you to: 

OPERATE IN HYBRID MODE

We know how fancy it sounds to be completed online through a microfinance solution. But how realistic is it? Are ALL your branches online? What happens to those who can’t at all?

PORTFOLIO TRANSFER

Branch reached the highest beneficiaries? For our competitors It takes a few months. In case of the smartest microfinance software in Bangladesh, just a click away!

In case of branch overload, increase or divide the scale and size of your MFI with smooth and easy data transmission. Transfer a large number of customers and their portfolio from one branch to another within minutes with this powerful microfinance solution.

REGULATORY BODY FRIENDLY

Our dynamic reporting tool of Ascend Financials lets MFI clients produce financial reports in various formats that are in alignment with every regulatory body. With our microfinance solution, eliminate the need to manually prepare reports on Excel altogether and avoid the double work.

BRANCH-LESS BANKING

Our microfinance solution enables you to send your field officers to collect loan repayments and deposits in remote areas using our mobile application Smart Collect. The android based application in a unique registered mobile device allows you to reduce manual entry at field and unit levels.

better branchless banking

Low bandwidth? No problem

Continue uninterrupted operations. Simply update your collections on the device that syncs automatically when connected to the Internet. Lose no information. So you need a microfinance solution.

And that’s not all, with Ascend Financials, you can easily measure the social performance indicator of your loan borrower so that you don’t have to stress about where your money is going. You can easily track it.

The lack of scalability often makes smaller microfinance solution end up in a struggle to preserve their profitability and performance in the cutting edge competition. The intrusive involvement showed by government organizations to promote the SHG aka Self-help Groups, linkage program through banks has placed MFIs under considerable duress.

The changing dynamics of the unbanked borrowers and the lack of technical support diminishes the overall operational efficiency of these institutions. The existing geographic factors make it very difficult for the MFIs to communicate with their prospective clients who are located in the far-flung areas, creating a problem in the sustainability and expansion aspects of the organization.

microfinance solution to the rescue

Also, supporting a broad range of lending activities amidst this chaos becomes rather costly and extremely difficult. To compete with large-scale commercial banks, MFIs need world-class financial software within their substantial IT budgets. The microfinance solution can be your answer. 

So to conclude, it can be easily said that, with Southtech’s Ascend Financials, now managing your microfinance institution has become easier than ever. 

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