Abstract:
COAST began microfinance in Bora in 1998, among other development programs, and gradually expanded to other coastal areas, Cox's Bazar, Chittagong, Feni, Lakshmipur, Noakhali, Barisal, Patuakhali and Jarkati. COAST has taken a step forward by introducing the digitization of its microfinance business. When visiting a group, frontline colleagues use tabs or mobile phone apps to book transactions on the fly. The head office and branch offices instantly acquire real-time data and graph analysis. The software also generates the reports needed by MRA (Microcredit Regulatory Authority), lenders and accounting firms. Most importantly, all transactions and financial activities are automatically sent to the Bangladesh Bank's microfinance database. On the other hand, all member participants will receive SMS notifications for all transactions. Their loans and savings. This digitization has the potential to reduce corruption and reduce the likelihood of hiding information at the field level. COAST is one of the few organizations in Bangladesh to pioneer the digitization of microfinance and increase transparency and accountability to participants. Rights-based approach and sustainability Microfinance is often treated as a profitable business. This may be true to some extent if the organization only provides microfinance and gives and receives money.
