Microfinance

Microfinance plays a critical role in the financial empowerment of Africa’s citizens. Microfinance services are often tailored to suit the unique socio-economic environment of particular markets and to address the specific requirements of their consumers.

The microfinance industry provides a host of different loan and deposit services to broaden access to financial services for millions of underserved consumers in Africa. Those who do not have history with a financial service provider will struggle to prove creditworthiness and often their incomes are low and irregular, which limits their ability to grow their own businesses or develop financial security.

Innovativeand enterprising microfinance institutions are driving much of the success of addressing these challenges and serving these customers. Ensuring these important services are accessible and affordable, often means that digital or mobile solutions are most effective for reaching the target audience. With limited access to smartphones and reliable data connections, enabling these services over USSD guarantees they are accessible to anyone who owns a mobile device.

Microfinance services over USSD include:

  • Business loans
  • Personal credit services
  • Savings services
  • Insurance

USSD provides a ubiquitous channel to enable a variety of different microfinance services, reaching those who may not have access to a data or internet connection.

The USSD channel will help drive the reach of these crucial services and enable access to financing for individuals and small businesses, that will play a vital role in the transformation of economies across the continent.