Five Talents, the UK microfinance charity, has selected the Musoni System as the preferred software platform to support their savings groups in Kenya. Five Talents has worked with Musoni in Tanzania since 2013 and is now looking to expand the partnership to the other countries in which they operate.
In Kenya, all of Five Talents’ microfinance programmes currently rely on paper based systems and excel spreadsheets, suitable for small numbers of clients but limiting the potential for expansion. Data from savings and loan groups is captured on paper and then entered onto a computer back at the offices of partner organizations. This is costly and inefficient, making it difficult for these organizations to reach out to many in rural communities. In order to improve the efficiency of their operations, Five Talents has entered into a partnership with Musoni, in particular because of the company’s experience integrating new technology such as mobile money, SMS and tablet apps into microfinance operations. Musoni carried out the training of the Five Talents’ Community Development Trusts in July, and expects to go live in the coming months.
Sue Johns, the Director of Operations of Five Talents said, “Using handheld tablets backed up in the cloud, our Trust Groups will now be able to keep all their records electronically rather than spending hours on paper-based record-keeping and reconciliations as they do currently. Ultimately, our members will be able to deposit their savings, take loans and make repayments via their mobile phones, making our programmes cashless as well as paperless”.
Cameron Goldie -Scot, Musoni Services CEO added, “This is a major milestone in a relationship that’s been developing over the last three years. We are delighted to support Five Talents as they continue to improve both the quality and availability of financial services in rural communities and believe that adopting mobile technology will support their drive to increase transparency for all their members.”
Five Talents are currently raising funds to support the roll-out of the Musoni System in Kenya. You can help them reach their goal, and learn more about their fundraising target here.
About Five Talents – Five Talents is a unique organization helping women and men living in poverty to leverage their unique skills and develop small enterprises to help them provide for their families. Five Talents does this by offering them financial access to basic financial services and training through their local partner organizations. Currently, Five Talents has nearly 76,000 clients supported by local partners in eight countries across, Africa, Asia and Latin America.
About Musoni Services – Musoni is a microfinance software company that supports MFIs and SACCOs with its innovative and award-winning microfinance platform, the Musoni System (www.musonisystem.com). Aside from the core system functionality (clients & groups, loans & savings, reporting, and accounting), Musoni is known for pioneering new technology in microfinance in order to improve efficiency and reduce costs, including mobile money (over 3 million MMT transactions processed), SMS reminders (over 1.8 million SMS messages sent) and tablet apps (over 50,000 loans processed digitally). As a result of pioneering new technology in microfinance, over the last three years the Musoni team has won multiple awards, including the award for ‘most innovative use of technology’ at the Global Microfinance Awards (July 2011), and the Frost and Sullivan award for ‘Technology Leadership’ (August 2014).