Alterfin has announced an equity investment into Musoni Services, a banking software for microfinance organisations by Musoni, as it seeks to accelerate its rapid growth and expand into new markets.
The Belgian-based cooperative society Alterfin says that Musoni team has consistently demonstrated the system’s impact and it is excited to work with them continuing their shared social mission of improving the livelihoods and living conditions of socially and economically disadvantaged people and communities.
Jean-Marc Debricon, Alterfin’s General Manager, said; ‘Alterfin understand first-hand the challenges that many rural microfinance institutions have when it comes to technology. We believe that Musoni can revolutionise the way financial services are delivered across the industry and particularly in rural regions where financial inclusion is at it’s lowest.”
Musoni provides its innovative banking system to microfinance institutions in emerging markets, helping them to leverage technology and improve efficiency.
In a statement, Musoni said that by using its Services platform, microfinance institutions are better able to extend financial services to un(der)banked individuals in emerging economies adding that it is currently in use by 100 visionary financial institutions instittions across 14 different countries (10 in Africa and 4 in Asia).
“Aside from the core banking functionality, Musoni has pioneered the use of new technology in microfinance, and as such is integrated with multiple mobile money transfer services, includes an SMS module for the sending of automated payment reminders, a tablet app that loan officers can use for offline data capture, a mobile banking app for clients and CRB integrations to improve lending decisions,” part of the statement read.