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The year 2020 has taught a lot to the financial sector and financial institutions. One of the biggest and the major lesson that the financial institutions has learnt in the year 2020 is the importance of the Digital platforms in execution of their activities. Due to the outbreak of the Covid-19 pandemic many of the activities that involves physical meetings were banned as part of precaution against the spread of the pandemic Covid-19.
Financial inclusion is where individuals and businesses have access to useful and affordable financial products and services that meet their needs that are delivered responsibly and sustainably. Financial inclusion is defined as the availability and equality of opportunities to access financial services.
In today's transforming financial landscape, lenders are looking for modern, technologically superior loan management system that automates key processes. The need of the hour is for systems which are scalable, fast, flexible and agile, while being cost efficient.
Digital technology has emerged as an important driver of innovation, competitiveness and growth in microfinance. By leveraging the nearly ubiquitous growth of mobile phones, digitization can reduce cost, increase efficiency and allow financial service providers to reach new clients.