Mambu

Building on the Momentum

Impressive progress has been made to enhance access to finance over the last decade. A
new wave of technological innovations in financial services has changed the way consumers
and businesses interact with financial institutions. Advancements in mobile technology led to
the development of mobile money and agent banking reaching the mass market in many
developing countries. Yet, the road is still long. There are still nearly 2 billion people and
over 200 million SMEs with no access to formal financial services. Also, access to digital
finance has not been translated into widespread usage - only a fraction of mobile money
customers has actually chosen to use it. In order to overcome these challenges and pave
the way for a fully inclusive financial system, concerted efforts are needed. Traditional
players in particular need to adapt to the changing landscape of digital financial inclusion to
avoid becoming sidelined by technology focused new entrants.

As part of the Financial Inclusion Week, Mambu wants to build on the momentum and share
stories of our clients who have gone digital to inspire organisations who are just starting their
journey. Here is some of their advice to the community:

● Make mistakes and learn from them
Start with knowing your clients’ needs and figure out how technology can enable you
through a service provider with the right solution or building the technology from
scratch. Make mistakes and learn from them. As the market and its needs evolve, be
nimble and flexible by adapting quickly to technological changes and advances. In
the long run, embracing technology would be beneficial for the organisation and its
customers alike. With technology, organisations are enabled to touch and change
more lives for the better. (Fuse Lending, Philippines)

● With eyes wide open
Follow the digital path with eyes wide open. There will be challenges large and small,
both one-off and ongoing. But with a culture of receptiveness to feedback and a
phased rollout approach—including a lengthy pilot period, frequent iteration, and
strong project governance—the change can dramatically transform your business.
Take the time to learn how the tools that are out there can work for you and help
create your desired system, not just work with your existing one. (Grameen America,
US)

● Customers first
Embark on a digitisation journey by being customer-centric every step of the way.
Learning from customer focus groups, surveys and customer support will ultimately
lead to a valuable product with enthusiastic supporters. In markets where customers
are being introduced to digitized products for the first time, it can make all the
difference in the project's success. (FIDO Money Lending, Ghana )

● Get the buy-in from the top
In order to implement a new technology, it is important to have the necessary buy-in
and support from the management. Especially if the leadership team is not convinced
about going digital, it will likely not happen. Also it is important to have a dedicated
team that continuously trains staff on any new developments and changes, making
sure the rollout across our branches has been seamless. (Premier Credit, East
Africa)

Read more stories at the blogs linked below:

Intro

Grameen America

Premier Credit

FUSE Lending

FIDO Money Lending