The concept of microfinance was created as a way of helping individuals to lift themselves out of poverty. For many, living in poor communities in developing countries, access to capital can deliver a much-needed boost to their standard of living, an opportunity to provide an education for their children, or act as the impetus necessary to start a new business. In general, generic microfinance entities lack legitimate working protocol and compliances, as a result these MFS companies could adopt a harsh repayment approach that someone would not prefer in the state of the financial crisis. There are no relaxed conditions when it comes to these microfinancing companies or co-operative societies. Since these companies work under strict compliances, they could manipulate their customers for repayment unethically. Mr. Abul Mansur is a man of many wonders. His latest successful endeavours for creating a microfinance ecosystem to strengthen transparency on Poverty Alleviation Indicators initially started with uddipan, which is a Bangladeshi NGO.
The Initial Advancement of Microfinance Ecosystem
With the untiring efforts of Nuspay's founder, Mr. Md. Abul Mansur, Uddipan's pilot program took the success of the base beneficiaries to greater horizons. Mr. Abul Mansur reinvented the conventional NGO industry to meet the demands of the ever-evolving needs of the people of Bangladesh. The agreement between Nuspay and Uddipan took place in early 2016. This arrangement offered assistance to vulnerable, marginalized and disadvantaged people through its services. Under the Arrangement Nuspay committed and provided an estimated half a million beneficiaries in Bangladesh with smartphone connectivity to its core Virtual Account Payment system. The strategic goal of this creative Contract between Nuspay and Uddipan was to enable millions of financially excluded people in Bangladesh and it greatly succeeded.
Mr. Md. Abul Mansur Stated "Nuspay's technological advances are not limited to a particular region and we are steadily expanding our MFI technologies to all the developing countries." The USA based DeepTech company is on the rise. With its initial success with Uddipan, it has since revamped its technological backbone to newer heights. The Microfinance Ecosystem is completely autonomous with DeepTech integrations and as a result it is free from all sorts of outside pseudos codes or challenging intellectual property not owned by Nuspay, freeing it from delays and impeding global expansions. Marginal farmers are the ones who are highly dependent on these finances and they are also crushed when it comes to microfinances through the generic microfinancing organizations. If they fail to repay their loans, they are forced to give up their assets like lands, houses & cattles, which are in most cases a lot more valuable than the original loan amount. These incidents lead to depression and suicide. Not only is it depriving the marginal farmers, it is also depriving the low income women, who are trying to earn the basic living. Thus ruining the overall image of the nation and only the middlemen and lenders are gaining through this deprivation. Nuspay is willing to solve all these issues with the modern advances of the MFI ecosystem.
Power To the Deprived
A significant number of fields are served by Nuspay's MFI ecosystem. The agriculture sector is one of the largest in which Nuspay focuses its MFI technologies. The pilot program tapped into Uddiapn's loan disbursement system, making it easier for the agents of Uddipan to collect the installments of the repayments. The Nuspay MFI ecosystem will accumulate all features because it is that simple. Since then, Nuspay's MFI can now address the needs of farmers by means of a digital payment network, through microfinance institutions. Without fretting about the legitimacy of the agencies, farmers can acquire resources required from the financing agencies backed by Nuspay, since the monitoring system would pre-check all participants. And with compulsory redemption of loans, the wonders of this ecosystem knows no bounds. With Nuspay's MFI ecosystem, the developing countries will receive a tremendous boost with its integrations of a responsible AI for credit scoring. Instant credit decisions can be made by machine learning algorithms instead of a heap of credit officers in a congested environment. This responsible AI will also be able to transparently exhibit accountability of the beneficiaries and the disburser, which will also allocate state compliances and laws to perform its directive.
Nuspay's MFI ecosystem can react to various concerns about the future of the global Microfinance network by assigning specific indicators. The localized NGOs are not equipped with the required tools to deal with the ever increasing demands of microfinance as the sector is projected to reach US$313.7 billion by 2025. Nuspay's MFI ecosystem is seeking to integrate all the localized NGOs in a single platform so that they can efficiently cater to all the beneficiaries. By coalition, any form of conflict is immediately resolved by the MFI framework. The indicators of the framework will also help in resolving effective disbursement of SME loans as it will be able to ascertain all the possible outcomes of dispurbusing a loan for a specific sector. The effectiveness of the loan and its repayment will be showcased with proper analytics.
The need for investment from biased firms will be negated by quick finance across digitized channels. In the event of anomalies in the reimbursement or redemption arrangement of the contract, the ecosystem will offer insurance to all parties involved. With this ecosystem in motion, the risk of bias and fraud is a thing of the past. All of this is not only an innovative ecosystem for the existing stakeholders, but rather a framework to incorporate the old medium in a new ecosystem effortlessly, to expand its scope. Mr Abul Mansur purposefully states, "All these features will pave the way for a new beginning for helping the disadvantaged people of the community, all over the world."