Leading microfinance provider takes first steps towards a more efficient and accessible lending experience with MoneyPhone's digital loan creation solution.
Finadev Chad provides financial services to small, unbanked entrepreneurs in Chad. The company's offer is based on three flagship products: Moufta loans for group loans, individual loans and loans for employees of private companies.
Finadev started in 2001 as part of a pilot microfinance program from Financial Bank Chad. It quickly found success, turning into a separate company and obtaining her microfinance license in 2003. Since then, Finadev has grown steadily and currently ranks among the country's leading microfinance institutions.
Digital switchover
As the business has grown, it has maintained a strong focus on operational efficiency, aiming to bring affordable credit to as many customers as possible in the most cost effective manner. To support its goals, Finadev decided to embark on a digital transformation project, replacing manual loan origination activities with newly digitized operations.
After initiating the search for a solution that could enable its digital aspirations, Finadev selected MoneyPhone's digital loan origination solution as a new strategic platform. As the Managing Director of Finadev explains: “We felt that the MoneyPhone platform is easily accessible, understandable and can be adapted to our needs.”
Finadev will take a phased approach for the implementation of the digital loan creation solution. As a first step, the company will launch a pilot of the platform in three branches in N'Djamena, its main base of operations. Upon successful completion of this test, Finadev will deploy the solution to more than a dozen other branches during 2022. The company also plans to open new branches in the coming years and plans to use the MoneyPhone platform to support digitized operations across its ever-expanding network.
To have an impact
With a strong digital foundation, Finadev will be able to serve its customers with renewed speed and flexibility, at a lower cost to the business. Credit teams will have access to all the information they need to make more informed credit underwriting decisions, improving the quality of the company's portfolio at risk.
The move to digitized loan and application management processes will increase the productivity of loan officers, allowing Finadev to take on higher volumes of business without increasing staff. The company also plans to increase the reach of its operations, particularly in more remote areas where physical expansion is not possible, which will drive efficient growth.
Above all, digitization will allow Finadev to shape a better experience for borrowers. Cumbersome paper-based processes will be replaced with intuitive digital workflows, streamlining and speeding up applications, and making the lending process more convenient and accessible.
YORONSOU Richard, Managing Director of FINADEV Tchad, concludes: “With MoneyPhone, your access to credit is available 24 hours a day at Finadev Tchad, MOUFTA AL NADJA. "
Please click the link below to view a demo of MoneyPhone’s Digital Loan Origination Solution:https://www.money-phone.com
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