Information Technology and Microfinance Institutions: Challenges and Lessons Learned

Information Technology and Microfinance Institutions: Challenges and Lessons Learned

Kishen Parthasarathy Iyengar (University of Colorado at Boulder, USA), Najam Ahmad Quadri (IT Professional, India) and Vikas Kumar Singh (IT Professional, India)
Copyright: © 2010 |Pages: 11
DOI: 10.4018/jeco.2010040101

Abstract

Microfinance Institutions have the potential to alleviate poverty across the world. However, they face many challenges before they can grow to meet set objectives. The use of information technology holds promise to enable such growth. There are some key challenges that must be addressed by microfinance institutions before the full potential of IT can be realized. This paper articulates five key challenges that microfinance institutions face, particularly those operating in rural undeveloped areas in the developing world. This paper also discusses how some of these challenges are being overcome by these institutions. Finally, the authors lay out a framework for building and operating effective information systems.
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Challenges In Sustaining Mis In Mfis

Information and communication technologies (ICTs) have a tremendous potential for increasing the efficiency of MFIs. IT based systems have fundamentally changed the way businesses function. However, certain challenges need to be addressed, for the complete potential of IT to be realized (Parikh, 2006). While some of these challenges are due to the unique nature of MFIs, others are infrastructural and environmental in nature.

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