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Home > Solutions > Microfinance > Bankers Realm mfo > Initiatives and Innovations

Initiatives and Innovations

Biometric enabled POS – Services

As a complimentary solutions, we also offer Biometric enabled POS, bundled with  BRmfo that allows the MFIs to provide the following online services to their  customers anywhere.

• Bio-metric Authentication  (Thumb Impression) 
• Savings Deposit 
• Savings Withdrawal
• Loan repayment 
• Loan Disbursement
• Balance Enquiry & Account Statement 
• Group Transaction

Business Benefits

• Credit Officers can be equipped with POS to conduct financial transactions  online without the need for updating the core system at the end of day
• MFIs can introduce customer-touch points in Petro Stations and Convenient  stores by supplying POS to their agents
• The hassles of Customer identification and Authentication Management can be  completely eliminated

 

How does it work?

The customer is provided with a MAG STRIPE card (costs less than 1 USD)  which should be swiped in the POS and authenticated by thumb impression to  access accounts online. This way, the customer need not be given a separate PIN /  Password to access accounts.

The  POS  device  connects  to  the  host  system  using  GPRS  (mobile)  technology, which makes sure that the system works at any place where there is  access to mobile network.

POS Device

Your credit officers can use POS Device to perform transactions amongst members identified and enrolled. Since these devices are wireless and connects on a GPRS (Mobile) technology to the central server, they can be taken by your credit officers to any place in order to make transactions. Transactions hit your loan tracking system online and update them. GPRS (Mobile) charges are approximately about US$25 per month. Each device would have to be fitted with one SIM card, and normally, the mobile service provider would charge you about US$ 25 per month for about 1 MB of data transfer (approximately about 1500 transactions per month from each device. The POS Device looks like the one shown above).

The device has printer, connect on GPRS, BIO Sensor, Magnetic card reader and place for two SMART cards. This device would cost you approximately 900US$ per device.

Each POS would be installed with a version of our software that would allow you to do various things

• Enroll Customers
• Account Enquiry
• Loan Disbursement
• Loan Repayment
• Print Loan Statement
• Savings Withdrawals
• Savings Deposits
• Print Savings Account Statement
• Funds Transfer
• Mobile topup
• Loan Calculator
• Make utility payments like (water bills, light bills, etc).
• Check e-mails

Making a transaction on POS is very fast - generally it takes you less than a minute to serve a customer.

Mobile Branches - Secured Land rovers 

One of the Micro Finance Institutes in Africa wanted to increase its reach out to its customers in rural areas. We designed a Mobile Branch in a secured Land Rover  fitted with a Lap top, Printer, Online Camera and a Mobile Modem. Today the MFI  provides serves around 5000 customers every day, by having this mobile vehicle  all over the country.

Mobile Banking

According  to  experts, Mobile  Banking  would  be  the  next  technology  enabler  in Micro  Finance  that  would  increase  the  outreach  in  rural  areas.  BRmfo  provides an in-built interface for Mobile Banking. What is more, our offerings include a sophisticated Mobile  Banking solution as well.