-- Musoni's mobile approach has proved efficient, reliable and secure
Musoni has consistently delivered its products to clients within 72 hours, which is significantly faster than the usual turnaround time of 7 to 14 days for loans in the microfinance sector in
Continuous investment in research and development (R&D) has enabled the company to maintain its high standard of product and service delivery. A recent example of prototyping is the successful enhancement of the organisation's management information system (MIS) to accommodate a new savings product that will be released to customers as soon as Musoni is registered with the
"Musoni is currently offering micro-credit, and hopes to expand its services to include micro-savings and micro-insurance products," said
Musoni works closely with international partners such as the
Operational efficiency is pivotal to Musoni's business, and by basing its operations entirely on the mobile technology platform, Musoni has eliminated the need for paper-based, back-office operations that are typical to commercial banks and conventional MFIs. The technology platform itself is the back office and all processes have been digitised, requiring no human intervention. For example, loan applications are converted to loan facilities and then registered to a loan account. The money is then transferred to the customer's mobile wallet.
Musoni uses Safaricom's M-PESA platform to offer micro-loans and accept repayments through mobile phones. More than 80% of the Kenyan population is registered with M-PESA, most of whom have no other access to financial services.
Furthermore, Musoni has built its own middleware as an improvement upon the M-PESA software to facilitate the money transfer process and authenticate loan repayments. The middleware has also enhanced the speed of information upload. For example, when field agents register customers for micro-loans using a mobile tablet, the loan applications are converted into loan facilities and then registered to a loan account. Once this registration is complete, the money is immediately disbursed to the customer's mobile wallet.
The technological sophistication of the Musoni platform also encourages internal transparency, communication, and efficiency. The company is well ahead of its competitors in terms of technological sophistication because it has eliminated the need for physical branches. The automation of processes further diminishes the need for excess labour capacity on business premises.
"Within a short span of three years, the company has grown rapidly, widening its customer base well above the industry average of 15,000," noted
Frost & Sullivan Best Practices awards recognize companies in a variety of regional and global markets for demonstrating outstanding achievement and superior performance in areas such as leadership, technological innovation, customer service and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analysis and extensive secondary research to identify best practices in the industry.
The original sponsor of the Musoni brand is
Working with existing MFIs, the
Musoni stands for Mobile 'Usoni', a Swahili word for future, so Musoni means 'Mobile Future'. Leveraging on technology, Musoni aims at offering the best value, most flexible and most customer-orientated financial services in the market. Their mission is to grow, build and maximize the potential of the businesses of the poor and unbanked of
Musoni MFI is similar in several ways to the traditional microfinance model using the group methodology and character-based credit decisions. Musoni is technology focused, taking advantage of new technologies in order to improve the quality of service to its clients. Musoni is the first MFI to go 100% mobile thus being cash-free, enabling clients to repay their loans (and deposit their savings in the near future) using existing mobile money transfer products, such as M-PESA, (and potentially Airtel money, Orange money and others). This has numerous advantages for Musoni and its clientele base, especially in rural areas where other MFIs and banks are struggling to expand their reach.
Musoni has further leveraged its technology to create a paperless loan service process, integrating a tablet application called "The Musoni App" in the client registration and underwriting process. The use of the Musoni App has improved the loan turnaround time from 72 hours to less than 24 hours for an existing Musoni client. Musoni Kenya continues to innovate and is in the process of integrating automated credit scoring in its underwriting cycle.
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Corporate Communications Africa
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