PRIDE Micro-finance Ltd (MDI) a leading Micro-finance institution provides financial services to the economically active poor. This market segment finds it hard to access financial services due to lack of collateral security which is a requirement for most financial Service Providers. The market segment has therefore always accessed financial services through the Group Guarantee Loan Scheme (GGLS). Owing to a decline in its popularity PRIDE sought to revamp the GGLS by including new features that are desirable to their clients.
With proven years of experience in product refinement and development FRIENDS Consult LTD was contracted to re-engineer the GGLS product to best suit customer’s needs. In conducting the assignment FCL took on the following activities:
- Conduct review of policies and procedures manuals to establish appropriateness and relevance of the current needs of the clients.
- Conduct income and product viability analysis to determine the level of performance of the product in comparison with other products
- Review product features to establish whether they still matched the intended purpose.
PRIDE has since adopted new policies and product features for the Group Guarantee Loan Scheme hence experience a significant growth it its clientele base.