{"id":42915,"date":"2018-05-08T12:36:58","date_gmt":"2018-05-08T16:36:58","guid":{"rendered":"https:\/\/staging21.finca.org\/uncategorized-en-ca\/mastercard-foundation-big-leap-forward"},"modified":"2024-11-04T02:07:20","modified_gmt":"2024-11-04T07:07:20","slug":"mastercard-foundation-big-leap-forward","status":"publish","type":"post","link":"https:\/\/finca.org\/en-ca\/mastercard-foundation-big-leap-forward","title":{"rendered":"Mastercard Foundation Partnership Helps FINCA Take a Big Leap Forward"},"content":{"rendered":"

It has been five years since FINCA subsidiaries in Tanzania<\/a>, Zambia<\/a> and Malawi<\/a> began their journey with the Mastercard Foundation<\/a>. In that brief period, a lot has changed. FINCA has transformed from a brick-and-mortar organization to one that leverages cutting-edge technology<\/a> to deliver financial services<\/a> to some of the continent\u2019s most rural and underserved communities.<\/p>\n

The partnership helped FINCA to leap forward: strengthening middle and front-line staff through training; deploying alternative delivery channels such as agency and mobile banking; and moving beyond credit-centric products to offer a broad range of financial services, including savings, transfers, and cash management solutions.<\/p>\n

Today, FINCA has launched digital channels and automated processes. We open accounts remotely and use credit scoring to make loan decisions. We\u2019ve also deployed an e-learning platform that supports the organization\u2019s staff learning and development agenda. And we\u2019ve enhanced our research capacity with tablet-based data collection and a well-trained research and development team.<\/p>\n

Here are some of the changes brought about by this partnership and how they\u2019ve impacted our capacity to serve customers.<\/p>\n

Expanding distribution has reduced costs for our customers.<\/h2>\n

FINCA has expanded its distribution network to 253 active agents across the three program countries: 139 in Tanzania, 75 in Zambia and 39 in Malawi. Over 65 percent of transactions are now being performed through the agent banking channel<\/a>. This expansion has had a significant positive impact on our customers: it has driven down the time and cost of reaching FINCA\u2019s service points and allowed clients more time to focus on their business operations.<\/p>\n

The partnership has also enabled FINCA to collaborate with mobile network operators (MNOs) to launch mobile banking. This has allowed our customers to perform a range of transactions on their phones, including but not limited to: air-time top ups, bill payments, loan re-payments and internal funds transfers. All these channels have provided a range of choices that our customers can use to bank with FINCA.<\/p>\n

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