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Digitization in Microfinance: Case Studies of Pathways to Success

For at least a decade, the microfinance industry has been watching and discussing changes in the financial sector driven by technology with a keen interest in the new potential for expanding the traditional microfinance model. This Working Paper  by CGAPtakes a unique look at microfinance institution (MFI) innovation with digitization by featuring case studies on the following MFIs that successfully created measurable customer and business value through digitization: Amret (Cambodia), Bancamía (Colombia), Microfund for Women (Jordan), Al Kuraimi Islamic Microfinance Bank (Yemen), and FINCA Impact Finance (global). Based on these cases, the paper offers insights and recommendations of wider applicability to inspire and inform digitization initiatives by other MFIs regardless of their size, location, or maturity.

CGAP is a global partnership of more than 30 leading development organizations that works to advance the lives of poor people through financial inclusion. Using action-oriented research, we test, learn and share knowledge intended to help build inclusive and responsible financial systems that move people out of poverty, protect their economic gains and advance broader development goals. We research and experiment to achieve proof of concept and extract lessons that can be built to scale by our partners, who apply our insights in the marketplace.