The landscape of microfinance is undergoing a profound transformation, driven by the power of digital innovation. While traditional models have long served as a lifeline for the financially underserved, the rise of mobile technology and FinTech has opened up unprecedented opportunities to scale financial inclusion. Designing effective digital microfinance products requires more than just technical expertise; it demands a deep understanding of user needs, an agile approach to development, and a strong commitment to ethical principles that protect vulnerable clients. This course provides a comprehensive roadmap for creating financial products that are not only technologically advanced but also genuinely impactful.

This program will guide participants through the entire product design lifecycle, from initial ideation and market research to a final, tested product. We'll explore the critical role of human-centered design in crafting solutions that are intuitive and accessible to low-income populations, addressing their unique challenges with innovative features. By blending theory with hands-on practice, you will learn to build products that are resilient, scalable, and tailored to meet the specific financial needs of individuals and small businesses in the digital age.

Duration: 5 days

Target Audience:

• Product managers and designers in FinTech
• Microfinance Institution (MFI) staff leading digital transformation
• Financial inclusion practitioners and consultants
• Social entrepreneurs and startup founders
• Data scientists and business analysts
• Software developers interested in FinTech
• Marketing and communications professionals in financial services
• Policy and regulatory advisors
• Development sector professionals focusing on economic empowerment

Objectives:

• Apply human-centered design principles to solve financial inclusion challenges.
• Understand the core components of a successful digital microfinance product.
• Map and analyze the user journey for low-income clients.
• Develop a minimum viable product (MVP) for a digital financial service.
• Utilize data and analytics for risk assessment and product iteration.
• Grasp the key technologies that power digital microfinance.
• Design products that are both user-friendly and secure.
• Recognize and mitigate common risks in digital micro-lending.
• Create a go-to-market strategy for a new product.
• Uphold ethical principles in the design and delivery of digital financial services.

Module 1: The Foundations of Digital Microfinance

• The evolution from traditional microfinance to FinTech
• Key drivers of digital transformation in the sector
• The unique challenges and opportunities of serving the unbanked
• The role of mobile money and digital payments
• Financial inclusion as a catalyst for economic development

Module 2: Human-Centered Design for Financial Inclusion

• Principles of human-centered design (HCD)
• Conducting user research and ethnography with low-income clients
• Identifying pain points and unmet needs
• Creating user personas and journey maps
• The importance of empathy in product design

Module 3: Product Ideation and Validation

• Brainstorming and developing innovative product concepts
• Techniques for rapid prototyping and mockups
• Gathering and incorporating user feedback
• Testing a product's desirability, feasibility, and viability
• Defining a minimum viable product (MVP)

Module 4: Building Blocks of a Digital Product

• Understanding core banking systems and digital platforms
• The role of APIs in creating an ecosystem of services
• Designing for mobile-first and low-connectivity environments
• The importance of a simple and intuitive user interface (UI)
• Ensuring seamless user experience (UX)

Module 5: Digital Credit and Alternative Data

• The shift from group lending to individual digital loans
• Using alternative data for credit scoring
• Building a credit decisioning engine
• Managing a digital loan portfolio
• The risks and benefits of algorithmic lending

Module 6: Digital Savings and Insurance

• Designing digital savings products that encourage financial discipline
• Behavioral economics and "commitment savings"
• The role of micro-insurance in building resilience
• Creating digital insurance products for specific risks (e.g., crop failure)
• The technology behind mobile insurance claims

Module 7: Risk Management in the Digital Age

• New types of risk in digital microfinance (e.g., cybersecurity, fraud)
• Techniques for real-time transaction monitoring
• Using data analytics to predict and manage default
• The importance of a robust fraud detection system
• Balancing speed and efficiency with security

Module 8: Ethical Design and Client Protection

• The ethical obligations of digital financial service providers
• Ensuring transparency in pricing and terms and conditions
• Responsible lending and preventing over-indebtedness
• Data privacy and the protection of sensitive information
• Building trust with clients through ethical practices

Module 9: Partnerships and Ecosystems

• The value of partnerships between MFIs and FinTechs
• Collaborating with mobile network operators (MNOs)
• Building an agent network for cash-in/cash-out services
• The role of regulators in fostering a healthy ecosystem
• Case studies of successful partnerships

Module 10: Launch and Scale

• Creating a go-to-market strategy for a digital product
• The importance of marketing and client education
• Managing a pilot program and collecting feedback
• Scaling the product and managing growth
• Measuring success through key performance indicators (KPIs)

Training Approach

This course will be delivered by our skilled trainers who have vast knowledge and experience as expert professionals in the fields. The course is taught in English and through a mix of theory, practical activities, group discussion and case studies. Course manuals and additional training materials will be provided to the participants upon completion of the training.

Tailor-Made Course

This course can also be tailor-made to meet organization requirement. For further inquiries, please contact us on: Email: info@skillsforafrica.org, training@skillsforafrica.org Tel: +254 702 249 449

Training Venue

The training will be held at our Skills for Africa Training Institute Training Centre. We also offer training for a group at requested location all over the world. The course fee covers the course tuition, training materials, two break refreshments, and buffet lunch.

Visa application, travel expenses, airport transfers, dinners, accommodation, insurance, and other personal expenses are catered by the participant

Certification

Participants will be issued with Skills for Africa Training Institute certificate upon completion of this course.

Airport Pickup and Accommodation

Airport pickup and accommodation is arranged upon request. For booking contact our Training Coordinator through Email: info@skillsforafrica.org, training@skillsforafrica.org Tel: +254 702 249 449

Terms of Payment: Unless otherwise agreed between the two parties’ payment of the course fee should be done 7 working days before commencement of the training.