The Growth of Ready-to-Use Financial Services in Madagascar
The Premiere Agence de Microfinance (PAMF) is a microfinance institution established in 2006 in Madagascar. It is affiliated with the Aga Khan Agency for Microfinance (AKAM) and is part of one of the largest development networks in the world: Development the Aga Khan Network (AKDN). AKAM works to reduce poverty, economic and social exclusion.
For first time in Madagascar, ASPEKT managed to integrate the 3rd party payment system with Financial Institution. ASPEKT enhanced the usage of the Mobile Wallet beyond just payment processing, with the Aspekt Digital Finance Channel that provides better accessibility and wider coverage of operational scope of PAMF’s operations, including complete CBS Platform in the background to manage the portfolio from digital channels, from single point.
The process involves inclusion of the most financially vulnerable population categories in a country with more than 20 million inhabitants and access of a huge population to financial instruments is more and more needed especially in rural areas where access to another type of such an infrastructure practically it does not exist. This kind of digital platform appears as the newest and only type of such service in a vast part of that Region. ASPEKT developed API Delivery Layer enabling interconnection with Mobile Network Operator, a third party payment system with financial institution on this market, automating the process with company responsible for processing Scoring Cards and Neuralgic Network Analyses, covering the processes of customer registration, loan application, score cards processing, automated decision-making processes, as well as complete deposit management for savings and term deposits.
User registration is done performing verification of eligibility criteria, automated SMS notification to the user, control of the ID number, pin code insertion, integration with the call center, and KYC validation with GUI integration. The registration operation performs automated validations for Anti-money laundering, watch lists, national ID card scan, interconnection to Mobile Network Operator, repeating the process until the data is correctly entered for further processing, and the whole process is digital without any manual intervention afterwards. The service deactivation is initiated in case transaction needs to be cancelled. The SMS Notification System sends messages to users for instalment maturity and payment assuring on-time payments processing and improved control of risky loans. Customers can generate reports for loan and savings accounts preview of account balance, due dates and all other information required for making on-time and informed decision.
ASPEKT offered complete digitalization of PAMF’s operations with implementation of the project, with automatically performed processes without human intervention. It was very important for the Client to invest in technology that will reduce the total cost of ownership and generate operational agility for changes in process of implementing financial digitalization in all operational segments.
PAMF now is able to independently manage a multi-channel strategy for advanced financial inclusion and became leader in Digital Financial Services in the country and will continue to innovate and respond to customer expectations and demands, in the future, as well as using the platform for interconnection with other MNO operators and payment providers.
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