Why is Microfinance Software important for Digitalization?
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microfinancesoftware
 February 17 2021
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    Financial Institutions are also the same line. Banking corporations have already digitalized their complete business modes and serving their clients. But other financial institutions like Microfinance Companies may not be taking advantage of the Digital Technologies.


    Do you know that around 4.7 billion people use internet to get access the Digital World? In the last 12 months, there are more than 310 million new internet users were added. Going digital means you have the chance to present your business to this vast ocean of people. And if your products and services are good, then you will get your clients very easily from the digital domain.


    There are many procedures to go digital with any kinds of business whether it is Microfinance or banking. The first thing is to make a great website for your company, and the second thing is to invest in implementing proper digitalized system to control the business.


    A digitalized System is to take care of all business related operations for the Microfinance business. It will help you to control your overall business scenario, from opening and managing of accounts to supervise over loan sections, getting repayments and many more.

    Digitalized System is the software that any business can utilize and get benefit. In plain words you can call it as Microfinance Software.


    Microfinance Companies offer savings and other types of accounts for the poor and underdeveloped sections of the society. Those accounts are different from the banking savings accounts. Unlike banking accounts, Microfinance offered savings accounts don’t come with any kinds of maintenance charges. These are mainly ‘zero balance accounts’ that we are talking about.

    Best Microfinance Software would assist MFIs to take care of the accounts related activities like these.

    ·        Opening of Accounts,

    ·        Documentations,

    ·        Management,

    ·        Maintenance,

    ·        Interest rates calculation.



    Microfinance Companies offer microloans. These kinds of credits are quite different from the bank provided loans. Banks generally provide big ticket loans whether MFIs offer small amount of loans. The rates of interest of micro credits are also less. Most interestingly, MFIs does not demand any kind of collateral or securities for providing loans.

    Advanced Microfinance Software has the ability to manage all kinds of microloan operations. It helps in streamlining the following areas.

    ·    Loan Application Process,

    ·   Loan Documentation,

    ·   Loan Amount and Rate of Interest Calculation,

    ·   Underwriting, Approval and Disbursal,

    ·   Money Transfer to the client’s accounts.


    If you want to know more information then you may contact us through our email creditcooperativesoftwarein@gmail.com.



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