Microfinance Software refers to the provision of modest financial services to low-income persons in order to increase their financial inclusion. This industry is rapidly expanding, with over 10000 microfinance institutions servicing over 200 million consumers (MFIs).
If transaction costs are to be minimized, millions of small-amount transactions necessitate a lot of data processing. While major MFIs have appropriate Microfinance Solutions Software, smaller MFIs may find the cost of developing or purchasing their own MIS software prohibitive.
Off-the-shelf software is the current product. One option for lowering operational expenses is to purchase MIS software and move it in-house. The business case for buying off-the-shelf software rather than developing it is that the MFI can focus on its main business of providing financial services instead of spending time, effort, and money on Microfinance Company Software development.
18 Software selection is a difficult process, and MFIs confront the paradox of choice: too much option drives high transaction costs in software selection (Schwartz, 2004). The Consultancy Group to Assist the Poor (CGAP) maintains a list of MIS suppliers on their website, which includes more than 100 companies.
The majority of software is updated on a regular basis, indicating a high rate of obsolescence in a competitive market where software suppliers try to keep up with the competition with minimal time delays. However, not all software is capable of meeting all of the MFI's software requirements.
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