In recent years we have seen in Peru how some Microfinance Institutions - MFIs have taken a clear advantage over their competitors, both in volume of loans and in number of clients, thanks to their rapid adaptability to current technological tools.
Thus we have, who have been able to take advantage of the development of mobile banking, which, thanks to data transmission technology, have allowed them to approve or pre-approve on-site, the credit operations of their potential clients, just by knowing their documents personal identity.
For this to happen, it has been necessary for its Risk Units to develop their own scoring or acquire them from Specialized Entities (Equifax, DataCrédito, etc.), assuming a position more aligned with the business. As an example of this we find two Municipal Savings Banks and a financial one, which already approve loans of up to S /. 10,000 (equivalent to $.3,633), under this modality.
Likewise, to expand their geographical coverage, they have created a network of Correspondent ATMs, both their own and those of third parties. In the latter case, through contracts with specialized suppliers, such as GloboKas Perú and others. Four Municipal Savings Banks are a clear example of the success of their own ATM strategy, which, in addition to generating coverage, represents an image.
Another success factor has been access to remote areas through strategic alliances with satellite dish service providers such as Gilat Peru, with experience in covering the most remote places in the country.
Another element, which cannot be reiterated, has been knowing how to take advantage of the Public - Private Associations with Banco de La Nación, which has allowed them to install Shared Offices in places where there was no bank offer.
A sixth element, perhaps the most difficult to implement, has to do with financial inclusion, thanks to the development of innovative programs. Caja Nuestra Gente is a clear reference in this regard.
All these elements have allowed the MFIs that now lead the market, to increase their number of clients and increase the participation of loans to microenterprises, in the total placed.
So, thanks to this, it is now possible for a Credit Analyst to visit you at your business, approve your credit on site and collect it from the Correspondent Cashier on the corner.
Without a doubt, a challenge for other MFIs, especially if they intend to continue in the market.
The above calls me to reflection: how far will we go? Is it possible for microcredit to become a commodity? Where will the basic principles of microfinance be? I leave the possible answers at your discretion.
