TECHNOLOGY differently in a few years from now ,” reflects Moniotte . He explains that the company receives loan applications from clients excluded from traditional banks for a number of reasons , which ranges from the loan SME ’ s can afford being too small , to a lack of paper trail . “ Even when the amount is acceptable , the bank will want to see paperwork documenting income , tax returns etc ., and many clients don ’ t have that ,” he says . “ They just run the business and don ’ t maintain any books ,” leading banks to automatically reject them . Microcred aims to eliminate fake promises by truly delivering outstanding services to underbanked populations . Microcred is a commercial company , or what Moniotte calls a double bottom line business . “ We are a social business ,” he adds . “ We are a commercial company and have to be profitable , but what happens to our clients is the key driver of our value creation .”
BUILDING NEW PRODUCTS To ensure Micocred builds products for customers which are both significant and practical , the innovation team spends a significant portion of time listening to clients and liaising with design researchers to create ideas for future products . This enables them to build prototypes and undergo pilot programmes for approximately four months , where products are further refined and then rolled out throughout the company ’ s core business model . This process also supports Microcred and helps the company understand how clients have previously managed without financial support . Dedicated staff members visit SME ’ s to see whether clients ’ businesses are viable , cost effective and have the ability to reimburse a possible loan .
This emphasis on building customer relationships and developing new products has enabled the implementation of strong governance , policies , economics of scale and the centralisation of vital functions within Microcred ’ s infrastructure . Moniotte is clearly passionate about reaching out to individuals who have not previously had access to traditional financial services through these developments , as 85 percent of the population in areas the company operate are
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