Microfinance banks in Nigeria play a vital role in providing financial services to small businesses and individuals who lack access to traditional banking services. But, like any business, they have their own sets of challenges.
And one of the biggest challenges is collecting loan payments. That’s where a collection automation solution like Lidya Collect comes in to save the day.
Collection automation is just a fancy way of saying using technology to make the process of collecting loan payments a whole lot easier. Lidya Collect is a software tool that helps automate, manage and track payments.
There are several reasons why microfinance banks choose Lidya Collect for their collection automation:
1. Efficiency and Effectiveness: Lidya Collect can help to streamline the loan collection process, making it 10 times more efficient and effective. This can help to reduce errors and increase the speed of collection, allowing the bank to focus on other important tasks.
2. Accuracy of Records: Automation can help to improve the accuracy of records, which is important for compliance and reporting purposes. This can help to minimize errors and ensure that the bank complies with regulations.
3. Tracking Payments: Lidya Collect makes it easier for the bank to keep track of payments and follow up with customers who are behind on their payments. This helps to minimize losses and ensure a steady flow of funds.
4. Minimize Losses: Lidya Collect can help to minimize losses by providing real-time updates on loan status, and the ability to identify and resolve issues quickly. This allows the bank to take proactive measures to prevent defaults and minimize losses.
5. Improve Performance and Profitability: Overall, collection automation from Lidya Collect can help to improve the overall performance and profitability of the microfinance bank. It allows the bank to focus on its core business of providing financial services its custo
Overall, Lidya Collect is an essential tool for microfinance banks to improve efficiency, effectiveness, accuracy, tracking, and minimizing losses in the loan collection process. It also helps to improve the overall performance and profitability of the bank, allowing it to better serve the needs of underserved communities.
Microfinance banks can take full advantage of the Lidya collect API and adjust it to their specific collection needs. Users can also create customer repayment plans that cover multiple accounts digitally. Automate and enhance your fund’s recovery with standing instructions and get paid directly into their Lidya Wallet.
