B. Designing adequate microfinance products and services
Application and Approval Procedures
How to make them as fast, simple and flexible as possible to attract that type clientele?
A number of MFIs have changed their application and approval procedures. Prizma, for example, took a series of steps to simplify paperwork, minimise eligibility criteria and shift tasks requiring literacy and numeracy from applicants to trained field staff. Similarly, in order to spare complications and time, Fundusz Mikro in Poland has limited formalities: the loan application form is only one sheet of paper, and no certificates or business plans are required. Simple declarations are considered sufficient. Faced with low levels of lending in Azeri speaking areas, Constanta, in Georgia, has introduced loan officers that speak local languages.
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