FrontlineSMS:Credit Brings Financial Services to BoP
To broaden the reach of microfinance to those who need it most, FrontlineSMS:Credit will serve the role of ‘middleware’ in order to plug prominent mobile payment systems like Safaricom M-PESA and Zain Zap directly into back-end microfinance accounting systems like Mifos and Fern. Microfinance institutions will be able to comprehensively manage disparate and high-volume data flows from clients and loan officers. This would mitigate the current market failure that precludes MFIs from adopting mobile banking due to a lack of central processing facilities. MFIs will be able to extend affordable financial services across great distances and, most importantly, to ‘the last mile’. The market potential for commercial integration is high.