Musoni is the first core banking system to be fully integrated into MCIX, the Myanmar Credit info exchange bureau. MCIX makes it possible for different MFIs in Myanmar to easily share information about their customers, in a secure manner, to better manage credit risk and over indebtedness. MCIX is managed by ThitsaWorks, Musoni’s official partner in Myanmar.
Until now, MFIs using MCIX would manually login to the portal, enter the NRC of the individual who they wish to learn more about, and be shown a list of any outstanding loans that the person had with other MFIs in the country. Musoni has now automated this process using the MCIX API layer.
Cameron Goldie-Scot, Musoni’s CEO commented: “This is an exciting step forward in the ongoing digitalisation of the Myanmar microfinance sector and the automation of the loan workflows. By integrating with MCIX we aim to reduce the amount of work for operations teams, while also making it possible to further automate and standardise the loan appraisal process.”
Nyi Nyein Aye, CEO of ThitsaWorks, added: “MCIX helps MFIs manage credit risks while protecting their clients from becoming over-indebted by using the information shared among MFIs to control and monitor multiple, overlapping loans. To be able to do that within Musoni automatically is a huge leap for MFIs to become even more efficient in managing risks.”
Musoni currently is used by 12 MFIs across Myanmar. Over the coming months Musoni will work closely with all of its partners to switch to the automated MCIX integration and define their business rules for loan approvals.
How the Musoni MCIX integration works?
MFIs using Musoni can configure at what point in the customers lifecycle they would like to query the MCIX database. In the screenshot below the user has chosen to query MCIX upon the creation of a loan for any new customer.
With this configuration, Musoni will automatically send the NRC of the customer applying to the loan to MCIX. MCIX will return core information about the customer’s outstanding loans that can then be viewed on both the client and loan pages in the system. An example of this being displayed on the client page is shown below.
By clicking view on the MCIX feedback, the user can then see detailed information about the clients active and written off loans, as well as core client details.
This information is also displayed to the user on the pending loan page, making it easier for the credit committee to decide on whether to approve or reject the application. Any organisation using Musoni can also build custom credit checks to automatically reject the loan, or give a warning to the user, based on the data retrieved from MCIX.