Microfinance comes of age...
Leaders of the most powerful economic nations in the world have publicly acknowleged something about the masses of the poorest countries: their need for access to savings, insurance and the ability to transfer money.
In 2004, Consultative Group to Assist the Poor (CGAP) summarized a century and a half of modern financial development with microfinance as an emergent principle. On June 10 of that year the Group of Eight (G8) formally endorsed the report.
Access for All: Building Inclusive Financial Systems.
Washington, D.C.: The World Bank.
Brigit Helms, 2006
it's about time...a microfinance platform that allows individuals, institutions, and banks to reduce costs, scale rapidly, and become better integrated with the overall financial ecosystem
Micro finance is the extension of very small loans (micro-loans) to those in poverty, designed to spur entrepreneurship. These individuals lack collateral, steady employment, and a verifiable credit history and therefore cannot meet even the most minimal qualifications to gain access to traditional credit.
Allegis Technologies has developed a secure microfinance platform making it easier to bring potential credit donors together with the appropriate recipients, increasing flexibility in tailoring and managing loan funding, monitoring, and repayment terms while centralizing all financial transactions and details.
The central processing hub of the program interfaces with all financial institutions, credit bureaus, Non-Governmental Organizations, and individual donors. The platform allows for accurate and detailed regulatory record keeping, interfaces with Allegis Secure ID™ technology, and also allows for telephone and mobile banking. All program functions and on-demand reporting are accessed through a management console.
Greatest efficiency and cost savings are achieved when combined with the portable Allegis Secure ID™ Biometric Reader with index fingerprint technology which identifies the micro-loan recipient and links them to the fund source. The recipient can be linked to multiple accounts or 'Wallets' allowing access (draw and repayment) to different funding sources with unique access logic and authorization rules.