It is expected that Microfinance Institutions will address any entry barriers by focusing on areas that have not been well served by mainstream financial institutions by offering demand-driven, affordable and convenient products.
This provides an innovative service delivery channel through combining e-banking self-service online and real-time transactions, with cash-in, cash-out (CICO) provided by third-party cash agents. Emerging digital solutions, products and services, push banks to keep pace with increasing competition posed by even non-bank players. Non-bank players offer financial products and services with thoughtfully designed user interfaces.