Before he cofounded Morakot, a banking and loan management platform for microfinance institutions (MFIs) in Cambodia, Sophorth Khuon worked in microfinance himself. So he knew firsthand the challenges MFIs face when it comes to loan distribution and management.
“Less than 5% of microfinance institutions in Cambodia could afford standard microfinance software, and most of the software was designed for a bank and not for microfinance institutions,” Khuon said. “So there’s a lot of customization that needs to be done, and it’s hugely costly for MFIs. The MFIs that couldn’t afford this software would end up staying with Excel, which I would say is manual tracking. Some of them even recorded their clients on paper.”
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