Bankers without Borders is an organization that channels the talent of the private sector into improving the scale, sustainability and impact of poverty-focused social enterprises. One of their affiliates, Musoni, is an award winning cash-free microfinance organization based in Kenya. Musoni is derived from “m-usoni” where “m” stands for Mobile and “usoni” is the Swahili word for Future, hence Mobile Future.
Microfinance is a general term used to describe financial services for low income individuals without access to typical banking services. The impact of a small loan for a family in poverty anywhere in the world is enormous. Access to capital enables individuals to abandon reactionary healthcare and invest in preventative healthcare, open a small business, pay school fees, purchase farm animals and invest in the future of their children, among many other immediate and ripple effects.
Musoni is the future of high quality micro-financial services and it leverages Information Communication Technology (ICT) heavily to manage its operations more efficiently than peer organizations, and to scale rapidly as it delivers better services to clients.
Capco established a partnership with Musoni to pilot Bankers without Borders’ first pro-bono business relationship. After spending several months on the ground, the Capco team lead by Francis Minien, delivered a data analysis tool to easily analyze Risk and Audit Reporting, a long term recommendation for a technology solution and developed and training materials for Musoni staff.
High overhead costs is a challenge faced by banks offering low interest loans to clients in poor financial situations. Our team took on the challenge to help make a difference. They were confidently optimistic that even a small amount of time saved doing monthly report analysis will provide bankers with more time to work with clients, improving products and expanding to provide other services to clients. The premise was that if microfinance banks can reach more people and offer more opportunities, Capco would have contributed a small (but important!) tool to Musoni's effort to address global poverty
This was a unique opportunity that brought a lot of excitement to Capco as it enabled us to be part of a game-changing initiative within financial services industry. The Capco team, composed of employees from different countries, described their experience as “exhilarating” They got the opportunity to witness first-hand how their work translated into a tangible tool that reduced the time Musoni spends analyzing reports in their Risk and Audit department.