Microfinance Institutions and Small Businesses
Entrepreneurs and small business owners benefit greatly from Microfinance institutions because of the ease of access to starting or working capital.
Microfinance institutions are bankers and lenders who provide services, such as loans, payment services, money transfers, savings accounts and insurance to clients such as small businesses and individuals who may not qualify to access credit from big banking institutions.
Microfinance Institutions have been lauded for leveling put the play ground for small businesses to be able to easily access funds to expand and maintain their businesses. Microfinance lending often offers low interest loans that are easy to apply for.
Some microfinance institutions usually require borrowers to go through financial literacy training on bookkeeping, saving, and cash flow management in business in order to equip them with good loan borrowing practices.
Microfinance Institutions also have micro savings services whereby they encourage their users to deposit into savings accounts with no minimum amounts.
Many Microfinance institutions in Kenya have turned to using mobile money to give and collect loans and other services from their users. By using a USSD code, many businesses have been able to access easy loans without applying for them physically at the institutions.
There are many CBK certified USSD loan programs from microfinance institutions in Kenya. Visit our blog on how USSD banking is shaping loan acquisition in Kenya to read more.
USSD is a cost-effective channel for mobile phone users to access services without the use of the internet. USSD codes are being used by most Microfinance and banking institutions to offer services such as applying for and repaying loans, checking account balance, depositing and many others.
Building a USSD application is a short and simple process using HelloDuty.com. Microfinance institutions are able to build a USSD application within minutes with no code or a developer involved.
Check out our latest USSD webinar on How to build a USSD for a microfinance below. In the video, we show you how to construct a simple Menu instruction to collecting customer information, show a bank balance and allow the customer to update their details.
To get you started here is a list of Microfinance Institutions in Kenya for entrepreneurs and small businesses.
Are you ready to get started? Sign up here for a demo of the HelloDuty CRM and customer engagement automation software now.
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