Last September 19-22, 2022, MicroSave Consultants, Rajarshi and Abishek visited the LifeBank Foundation Central Office and Ikabuhi Complex and conducted a Rapid Institutional Assessment (RIA).
MicroSave is a boutique consulting firm that focuses on helping institutions that work in the field of development finance. Most of their clients are MFIs and banks that are focused on market finance and work with the development sector.
LifeBank Foundation and MicroSave collaboration focuses on making the operations model and system better. The Rapid Institutional Assessment (RIA) is the first level effort where the consultants assess the entire organization and look at certain aspects of operation in detail which includes the operating model, product processes, IT systems, and HR policies. The outcome of this exercise will identify the areas of improvement where more efforts can be planned in the coming future.
“One suggestion for LifeBank is to look strongly at the use and adoption of technology to make operations more efficient and reduce risks and manual processes so that more efficiency can be gained, the operations can be more productive and the benefits can be passed on to the customers. The adoption of technology is certainly a field that LifeBank should look into”, Rajarshi said in an interview.
These global experts in the field of microfinance wanted to bring a global perspective in terms of how operations should be learned and conducted in the LifeBank Foundation. Their experience in implementing and helping organizations worldwide and implementing best practices in microfinance can help the whole organization.
MicroSave collaboration will assess the processes, policies, and operations of LifeBank Foundation from the lens of best practices around the globe and identify gaps in terms of risks, length of productivity, and where systems and technology can help improve the efficiency and controls in operations and how digitized approach can be a long term gain for LifeBank Foundation.