Rethinking banking and microfinance

Delivering Technology Solutions to Susu Collectors

Working closely with our Swiss partners AyaTech and Ghana’s Fidelity Bank, we’re excited to be working on a project aiming at bringing solution technology into the hands of hundreds of microfinance institutions with thousands of field collectors servicing half a million clients to help them save money. As this CGAP article describes, “susu collectors are one of the oldest financial services in Africa. Based largely in Ghana and Nigeria, they are traditionally trustworthy people in the community who visit clients on a regular basis (often daily), collecting very small deposits over the course of a month.”

The pilot has proven to be a success and we’re seeing broad acceptance of the use of these new technologies in providing financial services, even at the lowest levels of consumer income.

Using Mambu as the core information system, AyaTech quickly integrated their POS devices using our APIs, migrated over a pilot organization and were soon processing thousands of transactions every day throughout Ghana. With everything synchronized and real-time, organizations have been able to vastly reduce their collection costs, reduce fraud and automate their reporting. Susu’s clients not only gain trust in an automated solution confirmed by a printed receipt, they can also now use the Susu agents and their POS terminals to perform other financial transactions like paying for water and electricity or other government utilities without having to travel hours to distance offices.

Commercial banks are finally starting to see a real strategic and financial interest in servicing the low end of the market, which will lead to cheaper, safer and eventually richer service offerings to the unbanked.

Stay tuned for a more detailed business and technical case study on our collaboration with AyaTech and our projects in Ghana and Nigeria. Like CGAP, we also look forward to see how quickly other commerical banks start following Fidelity’s lead.