How technology is transforming and saving microfinance

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Vikas Lalwani is a member of the marketing team at FusionCharts, a startup providing JavaScript charts to 23,000+ customers. Microfinance, in simplest words, can be defined as providing small loans to people in need. It is already a $70 billion industry,_serving more than 150 million people worldwide, by more than 10,000 micro-finance institutions. The numbers look fantastic, but ground realities do not look that bright under the lens. What’s the problem? There are two main factors affecting this problem – ‘loan repayment’ and ‘interest rate.’ Any microlending service out there is playing a balancing act between these two. To ensure...

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