MFI (Micro-Finance Institution), which provides loan to the people of the BOP. Field Officers, who are the employees of MFI, are the ones to go to the field for operation. They visit each group of 20-30 loan Borrowers in the field, and collects the loan installment or savings amount. In general, Field Officers keeps the collection record by pen and paper. It ended up with spending 4 hours to collect loan repayment in the field and further 4 hours to enter recollection record from paper to ERP (Enterprise Resource Planning) software at the office. Voice based loan disbursement and collection by Hishab helps Field Officers to eliminate their paperwork replaced by just easy voice input. Input data are uploaded on ERP software in real time so there is no need for Field Officer to do desk work at office any more. Hishab helps MFIs to reduce quite good amount of cost on the operation. On the other hand, before Hishab is used, MFI Borrowers use passbook to keep loan installment/saving record. However, most of Borrowers are illiterate, so the passbook is almost useless. Hishab replace the passbook with Voice report that Borrowers just dial and able to hear their own loan amount and saving amount. This is also very big help for borrowers to get to know their financial status continuously.
Micro Small Enterprise
MSE (Micro Small Enterprise) is usually the grocery stores, hardware stores, pharmacy, clothing stores etc. who buy and sell products to the end customer. Mostly the deal is on cash / credit based transactions. These kinds of shops are usually small in size and don’t use any form of software. MSEs often find it difficult to collect the credit balance from their credit customers because they generally write down the credit based transactions in a scrap paper with the insufficient information (product name is missed etc.) Due to the situation, it’s hard for them to know which customer bought which products. They can only tell how much he is suppose to receive from a customer. But when the customers come to pay their dues, often time they are greeted with a surprise. since their expected payable does not match against what’s written in the scrap paper. that results into conflict and mistrust. MSME loses 5% of their sales to this mistrust monthly. Moreover, since there is no proper transaction records, the MSEs find it really difficult to apply for the loan to the banks and MFI’s as they don’t have business records properly. Hishab offers Voice User Interface for the MSEs and they can input the sales and purchase transaction details using voice call. SMS will be sent to both MSEs and customer as a record. For illiterate people, Voice Record is also available. Remind SMS will be sent to the customer who made credit transaction. Since there is a proper transaction record, mistrust or conflict never occur anymore. In addition, based on sales and purchase record of MSEs generated by Hishab, now it is much easier for the financial institute to process loan much quicker.
Voice Banking Platform is interface for enjoying basic banking service such as making payment, balance inquiries, transaction record inquiries, bank account opening etc. Especially voice payment covers comprehensive use cases of Hishab. Hishab voice payment platform connects any Financial Institution includes Digital Financial Service (DFS), Mobile Financial Service (MFS), Banks and Micro Financial Institution (MFI). This is simple service where the users would give voice command over telephone to transfer money from ones bank/DFS/MFS account to another bank/DFS/MFS.