Mobile Banking for VisionFund
How VisionFund and Software Group enable mobile banking for smallholder farmers in Africa
Saving more than 80% of the monthly transactions cost
For farmers in the rural parts of Tanzania, going to the bank could take as long as eight hours. First they walk for miles until they hitchhike a passing bike, get to a nearby marketplace where minibuses take them to the closest town bus station...only to take a bus to the big city.
Once at the bank, they fill in paper forms to deposit or withdraw cash and stand a long queue to get served. After which, they go back home the same way.
This scenario has been a reality for many until 2012 when VisionFund partnered with Software Group to introduce USSD mobile banking and make banking operations for farmers accessible, easy and efficient. The solution offers users without a smartphone or data/internet connection to use mobile banking through use of codes enabling them to fund transfers, check account balance, generate bank statements, etc. VisionFund implemented the technology in several African countries such as DRC, Ghana, Kenya, Malawi, Tanzania, Uganda, Zambia, to name a few.
Being the microfinance subsidiary of World Vision - a global relief, development and advocacy organisation, VisionFund is a network of 28 microfinance institutions around the world providing access to credit, savings and insurance products to the most vulnerable households.
Through Software Group’s mobile banking, Vision Fund has been able to successfully reach thousands of families in impoverished areas and alleviate their living conditions.
Fast forward to present days and the results are outstanding - today the average time for monthly loan payments and saving deposits takes just a minute, instead of one day. The new technology saves 99% of a small farmer’s time. Mobile banking customers save more than 80% of their monthly transactions cost i.e. from 5 USD to 0.8 USD. Which in return gives them more time on tending crops and more income to spend on their families.
Read more: DFA Tablet Banking for VisionFund Success Story
Once at the bank, they fill in paper forms to deposit or withdraw cash and stand a long queue to get served. After which, they go back home the same way.
This scenario has been a reality for many until 2012 when VisionFund partnered with Software Group to introduce USSD mobile banking and make banking operations for farmers accessible, easy and efficient. The solution offers users without a smartphone or data/internet connection to use mobile banking through use of codes enabling them to fund transfers, check account balance, generate bank statements, etc. VisionFund implemented the technology in several African countries such as DRC, Ghana, Kenya, Malawi, Tanzania, Uganda, Zambia, to name a few.
Being the microfinance subsidiary of World Vision - a global relief, development and advocacy organisation, VisionFund is a network of 28 microfinance institutions around the world providing access to credit, savings and insurance products to the most vulnerable households.
Through Software Group’s mobile banking, Vision Fund has been able to successfully reach thousands of families in impoverished areas and alleviate their living conditions.
Fast forward to present days and the results are outstanding - today the average time for monthly loan payments and saving deposits takes just a minute, instead of one day. The new technology saves 99% of a small farmer’s time. Mobile banking customers save more than 80% of their monthly transactions cost i.e. from 5 USD to 0.8 USD. Which in return gives them more time on tending crops and more income to spend on their families.
Read more: DFA Tablet Banking for VisionFund Success Story
‘’Software Group’s Mobile Banking technology has truly empowered smallholder farmers in their everyday banking operations. In 2019 we signed a deal to upgrade our Mobile and Tablet banking platforms so that we use the full capacity of SG’s robust DigiWave platform and enhance the customer experience across the African countries we operate in.’’