Role of Information Technology in Microfinance Institutions

A strong Information System forms the basis of any financial institution. Yet several Microfinance Institutions (MFIs) struggle with their systems resulting in inefficiencies which limit their ability to grow and eventually take advantage of other technologies, such as branchless banking.

Meticulous identification of information is required. Managers, field staff, board members, and the information system staff have diverse requirements and seldom know stakeholder’s need together. Conducting a needs assessment to define the information requirements at all levels of the organization is a necessary prerequisite to identify appropriate software products and processes to meet information needs.

RM IT Solution is undergoing research to better understand the potential for working which is an effective option for several MFIs.

We at RM IT Solutions, have developed, implemented and managed well, a sound Information System ‘mfExpert’ that forms a foundation of any institution.

RM IT Solutions’ ‘mfExpert’ amalgamate aspects such as gathering, storing, tracking, retrieving and using information within a business or organization. The information system helps loan officers track their clients’ repayment schedules and balances. It helps management assess the quality of the loan portfolio besides helping the entire institution monitor progress toward operational objectives.

Our software improves efficiency, lower costs, develop advanced reporting, and allow management to make more informed decisions. Our technology is invaluable and helps MFIs to be better managed and be a total transparent institution.

Below are few indispensable advantages of using mfExpert:

• Make informed decisions. Timely, accurate data enables managers to continually evaluate performance, better predict cash needs, and anticipate and respond to crises.
• Improve reporting. A reliable, standardized report enables MFIs to follow accounting industry and national / international standards, and reduces time and effort spent generating reports for regulators and investors.
• Lower costs and improve customer convenience. A computerized data transmit between branches and H.O., improving operational efficiency and reduce approval time for loans and other products.