Red Financiera Rural
Name of project: Red Financiera Rural: MFI Shared Information System
Project partner: Red Financiera Rural (national microfinance network)
Country: Ecuador
Coverage: National
Date began: June 2008
Technology used: Outsourced core banking system
Services: Hosted technology platform for MFIs
No. of clients reached: Platform for 100 MFIs targeting 750,000 client accounts |
About the project
The Ecuadorian microfinance market is comprised of about 1,300 small credit unions and cooperatives which represent a client base of around 2 million people, in addition to several small to medium size MFIs. The project will facilitate about 100 MFIs, credit unions, and cooperatives to operate on a shared technology platform. The project aims for a total of 750,000 client accounts on the hosted system after four years. Through economies of scale, the platform will allow small MFIs to access a more sound and robust system than what they could afford on their own and is expected to enable interbank transactions and connections with other payment systems, for purposes such as remittances, social payments, and ATM transactions.
Status of project
RFR and Tata Consulting (the technology provider for the project) have signed an agreement to begin work analyzing the operating model of 13 MFIs that have signed up for the shared technology platform. This analysis will inform RFR and Tata on the suitability of the shared platform in meeting the MIS needs of the MFIs and what improvements should be made to the platform to better meet these needs before the MFIs are onboarded. It will also allow MFIs to identify the implications on their operations, organization and commercial offering.
For more information please write to us at technology@cgap.org.
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