BIM | The situation of MFIs digital transformation

52 MFIs from 14 countries have participated on our recent study, the Digital Transformation Diagnostic.

The average score of the Diagnostic is 10.7 points out of 20, resulting as part of the “Explorer” level, the second of the four established levels of digital transformation. 25 MFIs are considered “Explorer”.

Although there has been considerable progress in this manner, 40% of the participant institutions still lack a person in charge of digital transformation, even though most of the surveyed MFIs consider that technology is key to scaling the model and meet their customers’ demands. For many institutions, the situation derived from the pandemic has accelerated digital transformation plans that were already underway, prioritizing, in any case, some developments over others.

At BIM we are certain that in terms of financial inclusion, technology is a bridge to reach excluded populations, with financial services adapted to their needs and at an affordable cost. This is why digital transformation has become a crucial aspect for MFIs to remain relevant within the industry. The current situation caused by COVID-1 has radically accelerated the different digital transformation processes of many MFIs. This is why the IDF Lab has financially supported the development of the Diagnostic through our Technical Assistance Facility (TSF), whose purpose is supporting the digitization of MFIs in Latin America and the Caribbean.

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