Company Name: Somali Microfinance Institution S.C

Location: Ethiopia

Industry: Banking

Company Size: 250+

Users: <30

Apps: Inventory, Finance, Purchase, Sales, …and more.

Somali Microfinance Institution S.C is a leading organization in the field of microfinancing and banking. With a mission to empower individuals and small businesses, they provide access to financial services such as microloans, savings accounts, and banking facilities. Through their inclusive and sustainable financial solutions, Somali Microfinance Institution S.C contributes to economic development and financial inclusion in Somali Region, Ethiopia.

With over 42 branches and 80,000+ active customers, the company faced significant challenges in keeping track of its loan portfolio and managing customer relationships manually.

Challenge

Somali Microfinance’s loan approval process involved extensive manual checks and bookkeeping, making it difficult to track customers and loans accurately. Additionally, the company’s branches were located in rural and countryside areas, which often lacked electricity and internet connectivity, further complicating the loan approval and management processes.

IKIT's Proposition

To address these challenges, Somali Microfinance engaged our team to implement a new ERP system with microfinancing features and CRM. We also installed V-SAT antennas to provide internet connectivity to branches in remote areas and set up solar systems to ensure continuous power supply.

Result

The new ERP system has enabled Somali Microfinance to streamline its loan approval process significantly. With the ability to track customers and loans accurately, the company has been able to manage its loan portfolio more efficiently, reducing the risk of default and improving customer satisfaction.