Paper
Electronic Banking of the Unbanked: It Is Time to Change the Model
Can MFIs offer electronic banking services to the unbanked?
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This paper discusses the importance of electronic banking for the poor. It states that electronic banking will encourage an expansion in the provision of financial products, services and transactions.The paper discusses the salient features of the electronic banking solution developed by CellTransact. These include:
- Specifically designed package for microfinance institutions (MFIs) and banks offering financial services to low-income and poor customers;
- Free software to MFIs and small banks;
- Low operating costs: Approximately USD 2.7cents per transaction.
The paper concludes that to successfully implement electronic banking in MFIs, MFIs will need to have appropriate front-end technology and a robust and efficient back-end solution.
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