How Mobile Payment Solutions For MFI Is Helping The Poor

Microfinance institutions or MFI are one of the strongest partners of rural economy where there is still a need of banking penetration. In many parts of India and also in many parts of the world these MFI are helping poor mass to conduct banking transactions in the absence of any banking institution. With the development of smartphone technology and internet into the rural areas, now most of the rural areas are connected with internet and smart technology solutions. This helps the microfinance institutions to go digital and help the poor with their basic infrastructure.

Mobile wallet solution for MFI:

With the development there are many mobile applications and mobile wallets like MIMO, Micro Banking, mFino, etc, which are offering mobile wallet solutions for MFI. These apps not only help people to manage their small transactions through a mobile wallet in remote areas, but also help them to perform their financial transactions with ease through their virtual wallet solutions. With the help of these mobile wallets, now cash is no more a necessity for the rural people, whose only more of transaction was either cash or a barter system prior to penetration of smartphones and internet. With the mobile wallet solution for MFI now rural people can also transfer money from person to person, through their wallets, and take or lend loans as per their requirement. Being digital, these MFI solutions keeps track of all the transactions in the most transparent manner and help people to get desired financial solutions with complete transparency.

Support of Mobile payment solution for MFI:

Banking penetration is still poor in many parts of the world. For helping people in doing their banking related operations, MFIs have been set up which operates in a similar manner as banks, but in a smaller scale. There are many schemes are operational for the poor in the rural areas from the government, which requires payments from government to person. With the introduction of mobile payment solution for MFI now the process of delivering payments to those who are yet to be linked with the bank has become quite simple and easy. With mobile payment solution available on the smartphones, now beneficiaries of mobile solutions can receive payments from other people, from microfinance institutions and from government with the help of digital economy available in their smartphones. These smart mobile apps are helping greatly to the people in rural area for operating all their transactions through mobile payment solution for MFI with easy and convenience. They don’t have to travel distance cities or to the banks to avail their payment digitally from the government or any other such agency.

Smartphone and mobile banking solutions have helped people to reduce the distances from economic development. With a simple smartphone and internet connection now people can avail banking (from the banks or from MFIs) at their home or villages or hamlets. Moreover the connectivity and vastly growing internet network has supported this digital initiative and helps poor and under-developed population to take benefits of cashless economy while maintaining their rural structure for money lending, money transactions and other trades. Such solutions are helping the poor in many ways while making life simple with such smartphone applications.

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