The West Africa Microfinance industry is way behind innovate
technology. Technology in the Ghanaian microfinance is limited to the use of
the MFIs. Client have limited means to interact to their MFIs through the use
of technology app.
The telecoms are trying hard to improve the use of the mobile
money. The challenge here is that clients would still have to liquidate their
e-cash to “real” cash before usage. This is not like the case in Kenya, Uganda
and others where you can still transact with your “e cash”. In this case there is much motivation to be on
that platform.
Another challenge with mobile money platform in Ghana is the
reliability of the mobile payment systems. I have for the past months not being
able to use my e-cash to pay simple bills. I have complained to the service
provider and till date that issue have not been solved.
In Ghana for example cash reload or transfer can largely be
done from one network to the other and not across the networks. This is much of
an inconvenience to clients because one would have to locate an agent for a
specific provider before you can load or download your cash. The search for an
agent can take you forever.
The way to improve innovation within the microfinance sector
in Ghana is through partnerships and linkages. From my observations MFIs in
Ghana are typical of Ghanaian businesses where everyone think they can succeed by
operating as standalone entities. The challenges and opportunities in the microfinance
business is so huge that no one MFI can harness the opportunity alone or will
be able to conquer the challenges alone. There is the need to break up this “island
business attitude” and seek for positive innovation and partnerships to help
transform the entire microfinance industry. This is the only way to further
improve on the relevance of microfinance services to clients as well as towards
national development.
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