Mobile-enabled microfinance services network launched
By Ronan McCaughey
27 June 2011
Bank Andara, a wholesale bank for microfinance
institutions (MFIs) in Indonesia, and mobile financial services
provider Fundamo have launched AndaraLink, the world’s first
mobile-enabled microfinance services network.
The network enables MFIs to provide 40 million
financially excluded Indonesians with access to financial services
via mobile terminals connected to a mobile network.
Irianto Kusumadjaja, COO and CIO of Bank
Andara, said MFIs need a fast and innovative technical
infrastructure to deliver financial services to a disparate
population in a cost efficient and scalable way.
“Instead of trying to reinvent the wheel, Bank
Andara has combined existing MFI infrastructure with mobile
technology to deliver new and enhanced services. These services
help MFIs to boost financial inclusion and grow market share. On
average the service has increased participating MFI revenues by
5-10%,” said Kusumadjaja.
More than 32 million Indonesians currently
live below the poverty line, with 40 million lacking access to
financial services, according to global humanitarian agency Mercy
Corps.