Microfinance | HUT EIGHT LABS

WITH OVER 10 YEARS OF MICROFINANING EXPERIENCE, LANSANTHA SETS OUT TO DO MICTOFINANCE THE RIGHT WAY

Green Lanka (Pvt) Ltd

Overview

Lenders should also ensure that borrows have sufficient business acumen to utilise the funds.

Throughout the island of Sri Lanka microfinancing has plagued societies drowning them with debt and forcing repayment. While this is true Green Lanka has entered the market to change the status quo and establish the main purpose of microfinancing.

The challenge

Knowing why borrowers need cash and monitoring the borrowing patterns has never been the responsibility of a microfinance lending company. We required a system to capture this data and monitor all borrowings overtime to understand the life patterns of these borrow to segment and make a positive difference in their lives. Capturing financial data was integral part of our business and our daily operations. But we seek more integration with our customers while reducing the cost for such data gathering.

The result

We make an impact through our work

To help Lasantha business and community goals, we device a long-term plan. We approach this through first digitalising the business operations understanding the technology physical limits in rural areas and the use of the same by agents. We implemented "Micronomy" a SaaS base microfinance management solution. The solution is now serving over 6,000 customers which is given sufficient data for Lasantha to achieve his community goals.

Meet the ideapreneur

Lasantha is a Director of Green Lanka with over 10 years of experience in microfinancing and community building. He has experience over how cultures and communities impact the financial growth in rural areas and the gaps in the socioeconomic development.

During the pandemic situation where business was closed and communities were in trouble to repay their debts, Lasantha with the help of the other directors of Green Lanka device a strategy to write off most of the micro loans and make profits by providing loans and avenues for the communities to bounce back to their prior financial status.

Strategy

The Innovation approach to technology

The use of technology to implement such a solution required the solution to be more user friendly and support all business operations. A Web App responsive to both Desktop environments and mobile tab environments was selected during the UX design stage with appropriate UI designs to support the user journey. A SaaS base solution was implemented that is highly customisable to suite the end customer's need. The solution is at it MVP stage and serves over 6,000 customers and two offices in two difference geo graphical areas.