The process of automating group lending can be achieved easily using a microfinance application.
One of the ways microfinance provides help to the community is by providing group loans to those that have remote access to financial services to the unbanked or the underbanked.
A lending mechanism which allows a group of individuals – often called a solidarity group to provide collateral or loan guarantee through a group repayment pledge.
The incentive to repay the loan is based on peer pressure, if one group member defaults, the other group members make up the payment amount.
Hence, Sysbanker EE:
1.No requirements for collateral.
2.Guarantors are the other members of the group.
3. Sysbanker EE has provisions for group leaders and group members.
4. Each individual in the group loan has a loan account for proper records of repayment of their loans.
5.Group lending strategies transfer monitoring to borrowers, where joint liability ensures strong incentives to members to help their peers succeed.
With Sysbanker EE, your group loan report is made easy such that you can easily export and send to the financial regulators.
Sysbanker EE, your reliable partner in microfinance banking.https://miratechnologiesng.com/products/sysbankeree/
Kindly reach out to us at Mira Technologies or visit our website https://miratechnologiesng.com/products/sysbankeree/or call Jumoke on 08168002506.