EBRD supports digital transformation of microfinance in Bosnia and Herzegovina

EBRD supports digital transformation of microfinance in Bosnia and Herzegovina

SARAJEVO, April 14 (FENA) – The European Bank for Reconstruction and Development (EBRD) is supporting the digital transformation efforts of MI-BOSPO, a leading microfinance institution in Bosnia and Herzegovina.

The EBRD is co-financing the development and implementation of a new document management system, which will help the lender to transition to an online environment. MI-BOSPO serves micro and small businesses throughout Bosnia and Herzegovina and has been an EBRD partner since 2007.

The coronavirus crisis poses an unprecedented challenge for MI-BOSPO as it aims to support clients while maintaining solid service delivery despite limited personal contact. MI-BOSPO responded to these challenges by making several IT enhancements. The lender introduced an online loan application process, new technical software, and online training to enable its employees to manage distressed borrowers.

As the next step in its digital transformation, the microfinance institution is now seeking to introduce a new document management system, which will make its operations more productive and efficient to better serve clients during and after the pandemic.

Manuela Naessl, EBRD Head of Office in Sarajevo, said: “Access to finance remains an obstacle for many small firms in Bosnia and Herzegovina despite the fact that they form the backbone of the country’s economy. Using state-of-the-art digital solutions will enable MI-BOSPO to improve its efficiency and enhance its ability to serve clients in the current difficult economic environment. The EBRD is delighted to support a more digitalized future for the financial services sector in Bosnia and Herzegovina, while also working with MI-BOSPO to ensure lending to micro and small businesses.”

Safet Husić, CEO of MI-BOSPO, added: “MI-BOSPO has been successfully providing microfinancing services for more than 25 years. We offer loans to support entrepreneurs, and we focus on women. Throughout our business, we have followed the needs of clients, adapted and developed innovative processes and introduced new products. We recognize the significance of digital transformation because new technologies make it easier to do business and create extra value for our clients. As part of our digital transformation, we have started to implement a digital document management system, optimize costs and enhance client service. We appreciate our longstanding and successful partnership with the EBRD.”

The EBRD is a leading institutional investor in Bosnia and Herzegovina. To date, it has invested more than €2.7 billion in 190 projects in the country. The Bank focuses on the expansion of the local private sector, the promotion of regional and international integration and the sustainable use of resources.