By Andrea Vujosevic, World Vision Microfinance Communications
Microfinance institution (MFI) EKI has become the first MFI in Bosnia and Herzegovina to implement the Business Continuity System in alignment with international standards of information security.
The system will not only improve the efficiency and reliability of EKI’s business processes but will also benefit its 60,000 clients, who can use the system to monitor the process of loan closures, new loan applications or changes in interest rates.
By harnessing the power of information technology (IT) and using the proper management information system, MFIs can become more efficient and effective while reaching more people in a more economic way. While a few MFIs are taking advantaging of technology, the majority are facing difficulties in finding the right solution.
“EKI uses IT in all aspects of business processes. That means we are highly dependent on IT and that should be protected. EKI recognised the importance of securing the process not only for the organisation but also for our clients”, explained Sadina Bina, EKI CEO.
Today, security of information and maintaining business continuity are imperative for every business.
Business Continuity System aims to secure the availability of important data in the case of serious business incidents, relief situations, terrorist attacks, hardware and software failures, weather interference and also to ensure fast recovery of the key business process.
“The new technology will make our work more transparent for all players in the business, including staff, clients and investors. This will show our professionalism, where we do not accept any interruptions in our daily work and ensure continuity of our business process in all circumstances”, added Mrs Bina.
By employing this best practice of business continuity, EKI is not only an example for MFIs in Bosnia and Herzegovina but also for World Vision MFIs worldwide.
EKI is one of the leading microcredit institutions in World Vision with a vision aiming to reduce economic causes of poverty in Bosnia and Herzegovina. Currently EKI has more than 60,000 clients with a loan portfolio over US$137 million.
EKI's main goal is to create a strong and financially sustainable institution which will reinvest its profit into additional loan capital to help fulfil its mission and vision.