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    FINANCIAL TECHNOLOGY | Staff Reporter, Indonesia
    Published: 27 Jun 11
    2423 views


    Bank Andara launches world’s first mobile-enabled microfinance services network

    AndaraLink offers 40mn Indonesians access to financial services via mobile terminals.

    Bank Andara and Fundamo’s AndaraLink is the first of its kind in the world, enabling MFIs to provide 40 million financially excluded Indonesians with access to previously unavailable financial services via mobile terminals connected to a mobile network. The mobile terminal allows MFIs to take the ‘bank’ out of the branch, to its consumer or business customers.

    The microfinance sector in Indonesia is one of the largest in the world with over 50,000 MFIs. MFIs are essential in enhancing financial inclusion by offering credit, loans and savings services to consumers and businesses that lack access to traditional banking services.

    However, many MFIs in the region require access to traditional banking infrastructure to power services such as remittances and utility bill payments. Due to the low-income levels of the majority of the population, there has been little appetite to roll out expensive banking infrastructure in these regions.

    “MFIs need a fast, flexible, secure and innovative technical infrastructure to deliver financial services to a disparate populace in a cost efficient and scalable way,” said Irianto Kusumadjaja, COO & CIO of Bank Andara. “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%.”

    “AndaraLink has enabled simple and inexpensive mobile financial services between existing MFIs, providing businesses and consumers with remittance and utility payments. The network will also help us provide MFIs with quick and easy access to capital allowing them to offer credit at better rates,” continued Kusumadjaja.

    “The Visa Fundamo platform underpinning the service is modular, application-driven and built on open APIs to enable easy development, integration and rollout of new services. This approach ensures that AndaraLink can evolve to meet the needs of consumers and businesses as they become more familiar with electronic financial services,” said Hannes van Rensburg, CEO at Fundamo.
     



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    Tags: Bank Andara, Indonesia, microfinance

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