Speakers at the International Conference on Responsible and Inclusive Finance (ICRIF) backed Rwandan microfinance institutions (MFIs) to adopt fintech solutions to cut costs and improve lending quality
The National Bank of Rwanda (BNR) urged MFIs to use automation to cut operating costs and check the rate of bad loans.
“Many microfinance institutions in East Africa still depend on paper-driven processes or Excel spreadsheets to manage their businesses,” said Vedran Lescan, business development manager at Oradian, which makes software for banking services.
Lescan emphasised the importance for MFIs to consider data mirgation and "robust" security features for their systems.
“Strategic 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,” Lescan said.
The conference was held in Kigali on 21 March.
