Displaying items by tag: financeSoln

Financial management has often been regarded as an elite sector of banking, however, as financial institutions step into the 21st century by focusing on implementing new-age technologies, it sometimes seems that delivering a superior experience to high net worth investors has taken a back seat.

The financial sector for quite a number of days had been going through the challenge in its operations and management. the reason being many of its issues especially by the Microfinance and the micro-credit Institutions operating manually. These institutions together with their clients faced a problem of losing accurate data at some point. This brought about a bad image of mistrust in these small scale financial institutions despite the fact that they play a huge role in dealing with economic development.

As technology and digital services continue to ingrain themselves into more aspects of our lives, the financial sector has not been immune. New technology has given way to new services and with new services comes disruption of the old.

Whether it’s services such as M-PESA, TIGO PESA, AIRTEL MONEY; or digital banks such as SIM BANKING’s “First Direct,” digital transformation of the financial industry is ongoing. Customers are gravitating more towards digital experiences and digital products. At the same time, providers within the industry are rethinking the playbook.

Microcredit is a common form of microfinance that involves an extremely small loan given to an individual to help them become self-employed or grow a small business. These borrowers tend to be low-income individuals, especially from less developed countries (LDCs). Microcredit is also known as "microlending" or "microloan."

‘SIMPLE FACTS’

• Microcredit is a method of lending very small sums to individuals to start or expand a small business.

• Microcredit borrowers tend to be low-income individuals living in parts of the developing world; the practice originated in its modern form.

Coronavirus disease (COVID-19) is an infectious disease caused by a newly discovered coronavirus.

The COVID-19 virus affects different people in different ways.  COVID-19 is a respiratory disease and most infected people will develop mild to moderate symptoms and recover without requiring special treatment.  People who have underlying medical conditions and those over 60 years old have a higher risk of developing severe disease and death.[1]