BARAKI Credit Company LTD Microfinance refers to the financial services provided to low-income individuals or groups who are typically excluded from traditional banking. Most microfinance institutions focus on offering credit in the form of small working capital loans, sometimes called microloans or microcredit.
What is microfinance and how does it work?
Microfinance is the extension of small loans to the very poor,
in combination with other financial services, such as savings accounts,
training, health services, networking, and peer support. ... In this
way, microfinance allows families to work to end their own poverty –
with dignity.
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However, many also provide insurance and money transfers, and regulated microfinance banks provide savings accounts.
Microfinance aims to improve financial services access for marginalized groups, especially women and the rural poor, to promote self-sufficiency.
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35 Job Opportunities at BARAKI Credit Company LTD
ROLES OF CREDIT OFFICER(AFISA MIKOPO)
Responsibilities
- Review loan requests
- Assess clients’ financial status
- Evaluate creditworthiness and risks
- Contact clients to gather financial data and documentation
- Analyze risks and approve or reject loan requests
- Calculate financial ratios (e.g. credit scores and interest rates)
- Set up payment plans
- Maintain updated records of loan applications
- Follow up with clients about loan renewals
- Monitor progress of existing loans
