According to the recent report by Microfinance Institutions Network (MFIN), nearly 2.65 core borrowers are involved in microfinance institutions (MFI) with the loan amount outstanding at Rs 1, 48,097 cr. This indicates the growth rate of 39% over Q1 FY 17-18.Hiirng in Micro finance sector is expected to grow at 25-30 percent in the next 12 months. Here are some new age jobs in micro finance industry to look forward:
Technology plays key role in speedup the operations. With the effect of digitalization and electronic find transfer the average loan disbursal time has gone down remarkably. Digital documentation with the help of mobile devices simplifies the information flow by reducing the time for loan disbursement. It is great opportunity for IT application designers and developers who can decode microfinance operations and digitize it.
Real time data analytics helps in finding various elements like portfolio performance, customer profile, collection patterns, and various risk scenarios. With the help of data analytics engine, micro finance industry finds new ways for the business growth. In recent times, digital KYC and loan application using mobility devices has enhanced the customer connect and reduced turnaround time remarkably.
There is a great demand for risk management professionals in micro finance industry. Their role involves development of risk management benchmarks and processes, creating standard higher and lower risk limits, and work with the management to update and validate then constantly.
Micro finance companies reach every corner of the country their network to create various opportunities like financing solar solutions, MSMEs, water and sanitation loans, and housing projects. Recruiters are looking for the candidates with experience in rural marketing and strategic business alliance and who are willing to travel to tier 2 and 3 towns and villages.
Acco8nting and finance people helps the microfinance company to process operational cost, future financial projections, and present the future business plans to potential investors to invite new funding streams.
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