Five ways Instafin can help your MFI reduce costs

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Instafin is the first cloud-based banking software designed especially for the microfinance industry.  It is an all-in-one solution that enables MFIs to become more efficient, grow and serve more clients – while reducing costs.

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1. Automate manual processes

Think of the time your loan officers and managers spend searching for customer files, re-entering data from paper into a spreadsheet, or calculating interest payments by hand. All of this time spent on time-consuming processes increases your operating costs.

Instafin digitses and automates manual processes, improving efficiency by:

  • simplifying data entry
  • automating many of the financial calculations you need to do
  • reducing the need to manage, file and store paper records
  • making it easy and quick for your loan officers to retrieve transaction and customer data when they need it.
2. Reduce time spent on administration

Most small institutions require large back-office teams to stay on top of recording transactions, administering their loan books and creating reports. Automated reporting saves your staff time, meaning they have more time to spend with clients.

With Instafin, your staff has access to precise and timely financial reports including growth reports, profitability metrics and workforce performance analysis. This allows you to see where your business is performing well and where improvement is needed.

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3. Know and control your lending portfolio

One of the biggest drawbacks of a manual business process is the fact that you don’t have real-time visibility into the status of your loan book. This becomes more challenging with each branch your institution manages or opens.

With Instafin, your loan book and accounting is always up to date for every member of your staff, regardless of their location. You’ll have an accurate, real-time overview of your portfolio and PAR. You can quickly see which clients are behind on payments. You’ll be able to respond faster to the risk of a client defaulting.

4. Make better decisions

Accurate, automatic reporting gives you the information you need to make better decisions.

You’ll have the agility to make faster, better decisions that increase your profitability. You’ll be able to easily generate custom management reports for your own purposes as well as produce statutory reports for your regulators in the format they require.

5. Reduce human error

Instafin eliminates most human errors such as mistyped numbers and names, incorrectly formatted entries, duplicated entries, or mistakes in financial calculations. It also introduces financial controls that reduce the risks of loan officer or staff fraud. Reducing human error can deliver massive cost-savings to your business, including the costly risk of fraud.

Are you ready to transform your MFI with Instafin?

Instafin covers all core banking functions such as administration, security, accounting, loan portfolio management and deposit tracking. With Instafin, you can invest in your growth and serving your clients better.