Speakers at the International Conference on Responsible and Inclusive Finance (ICRIF) held in Kigali urged Rwandan microfinance institutions (MFIs) to embrace new-age technology to streamline their operations and to enhance their ability to extend financial inclusion among the country\u2019s unbanked and underbanked population.<\/p>\n
Straton Habyalimana, Senior Programme manager for responsible financing at the Small Enterprise Education and Promotion Network, told the 400 delegates that MFIs should adopt digital platforms to enhance their interactions with their customers, while Kigali-based digital financial services expert James Kwezi, added that MFIs should use technology to become more efficient and profitable.<\/p>\n
This aligns with the National Bank of Rwanda\u2019s (BNR) call to Rwandan financial sector firms to embrace automation to reduce their operating costs and their rate of bad loans. \u201cMany microfinance institutions in East Africa still depend on paper-driven processes or Excel spreadsheets to manage their businesses,\u201d said Vedran Lescan, Business Development Manager at Oradian, a global financial inclusion company that delivers a cloud-based toolset for financial institutions.<\/p>\n
\u201cBut with the latest advances in financial technology (fintech) and cloud software, Rwandan MFIs now have access to powerful, affordable tools that can help them transform inefficiencies into operational excellence, scale their businesses for rapid growth and get better visibility into the performance of their portfolios. This, in turn, can boost their profitability and enable them to better serve the needs of their financially excluded customers.\u201d<\/p>\n
At the conference, Lescan took part in a panel discussion about finding ways to overcome the challenges that financial institutions face when it comes to adopting new technology and implementing it across an entire business with multiple branches.<\/p>\n
He said: \u201cData migration is an important step in digital transformation, but organisations often overlook it or underestimate how time-consuming and complex it can be. Even though an MFI\u2019s workforce can quickly learn a new system, the software won\u2019t add value if data isn\u2019t migrated from the previous legacy system or from spreadsheets in a consistent manner.\u201d<\/p>\n
As part of Oradian\u2019s toolset, Oradian\u2019s in-market teams provide data migration training and support to ensure the financial institution\u2019s data is treated as an asset that enables better decision-making and better client service. Lescan also advised MFIs to seek out toolsets that offer robust security and data protection features, including audit trails, user permissions and other functions to combat data leakages, fraud and user error.<\/p>\n
\u201cToday\u2019s technology offers financial institutions in Africa countless opportunities to improve their business,\u201d said Lescan.<\/p>\n
\u201cHowever, financial inclusion leaders are promoting partnerships with fintech, rather than vendor relationships, to drive truly successful implementations. \u201cStrategic partnerships within the digital ecosystem are proving to be the most effective way to enable our customers to provide better service to their end-clients. We are eager to work with the central bank, MFIs and other members of the value chain to drive financial inclusion in Rwanda.\u201d<\/p>\n
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Speakers at the International Conference on Responsible and Inclusive Finance (ICRIF) held in Kigali urged Rwandan microfinance institutions (MFIs) to embrace new-age technology to streamline their operations and to enhance their ability to extend financial inclusion among the country\u2019s unbanked and underbanked population. Straton Habyalimana, Senior Programme manager for responsible financing at the Small Enterprise […]<\/p>\n","protected":false},"author":25,"featured_media":17647,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[565,172,399,258,19,260,13,262],"tags":[683,4817,2580,4818,4820,680,4819],"class_list":["post-17646","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking-finance","category-events","category-more-news","category-newsletter","category-regional-news","category-regional-news-newsletter","category-top-stories","category-used","tag-east-africa","tag-international-conference-on-responsible-and-inclusive-finance","tag-kigali","tag-national-bank-of-rwanda","tag-oradian","tag-rwanda","tag-vedran-lescan"],"acf":[],"publishpress_future_workflow_manual_trigger":{"enabledWorkflows":[]},"_links":{"self":[{"href":"https:\/\/www.intelligentcio.com\/africa\/wp-json\/wp\/v2\/posts\/17646","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.intelligentcio.com\/africa\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.intelligentcio.com\/africa\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.intelligentcio.com\/africa\/wp-json\/wp\/v2\/users\/25"}],"replies":[{"embeddable":true,"href":"https:\/\/www.intelligentcio.com\/africa\/wp-json\/wp\/v2\/comments?post=17646"}],"version-history":[{"count":4,"href":"https:\/\/www.intelligentcio.com\/africa\/wp-json\/wp\/v2\/posts\/17646\/revisions"}],"predecessor-version":[{"id":17784,"href":"https:\/\/www.intelligentcio.com\/africa\/wp-json\/wp\/v2\/posts\/17646\/revisions\/17784"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.intelligentcio.com\/africa\/wp-json\/wp\/v2\/media\/17647"}],"wp:attachment":[{"href":"https:\/\/www.intelligentcio.com\/africa\/wp-json\/wp\/v2\/media?parent=17646"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.intelligentcio.com\/africa\/wp-json\/wp\/v2\/categories?post=17646"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.intelligentcio.com\/africa\/wp-json\/wp\/v2\/tags?post=17646"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}