Introduction:

How to start career in Microfinance (MFI) Industry? Well, we all know that microfinance is similar to banking and financial services provided to the people. Nowadays it is a more demanding industry and every bank wants to provide their microfinance services to the common people.

Therefore, it becomes first choice to make career in Microfinance. You can achieve your dreams by making good money.

Also Read: 8 Best Methods to Search Jobs in your Local Areas

What is mean by Microfinance?

Microfinance can be defined in several ways but in a single way, we can be called it Microcredit.  Microcredit is the small loan which are provided to lower-income individuals or groups to start their own business

Microfinance is the helping hand to these individuals or groups who are having limited access to financial services

Brief History of Microfinance (MFI) Industry

Well, we must know the name of Muhammad Yunus when we talk about Microfinance. He is the father of Microfinance. Muhammad Yunus is a Nobel Prize winner who is from Bangladesh. He has major contribution to start the microfinance industry by helping poor and financially incapable individuals to start their own businesses.

He introduced certain policies from which initial capital helped them to start their work  . This helped them to become financially independent.

Microfinance industry works well in all around the world specifically in developing countries like India where there are financial inequalities.

In India’s SKS Microfinance (which is now Bharat Financial Inclusion Ltd) and Spandana Sphoorty Finance are the oldest Microfinance MFI companies .They provide their services in rural areas Like Group loans, Individual business loans

Before we start career in Microfinance as a fresher, we must consider the below Points.

Career Stages and Hierarchy in Microfinance (MFI) Industry

Like every other industry Microfinance (MFI) Industry also has many career stages from which you can decide your career growth path. It is very important for us to plan our career in early-stage. To start Career in Microfinance, it is very important to understand the hierarchy.

Growth Path can be look in to below hierarchy:

If you just start your Career in Microfinance then you must have started as an officer that is the trainee or executive stage. In this stage, you have to learn the basics of this industry and perform accordingly.

Qualities required for starting career in Microfinance (MFI) Industry

If you decided to start Career in Microfinance (MFI) Industry then below are some qualities which are required to achieve success

1.Attentive

In this field, the candidate must be attentive because this industry is totally related to money where risk is involved. Therefore he/she must be understood the situation in a manner that smooth functioning to be delivered.

2.Intelligence

The candidate must be intelligent enough to handle the financial transactions or to monitor the process in a good manner. Also, He/she must be ready with more possible solutions for different situations.

3.Ready for fieldwork

It is an obvious requirement because if we want to serve better to our clients then we must reach out to them. Therefore candidates must be ready to go out and serve them better.

4.Ready to achieve Targets

The candidate must be target-oriented because while working in any industry there are certain targets assigned to every employee and expected to be achieved by every employee.

5.Patience

Well, Patience is all about the core part of your personality. Patience plays a very important role in this industry. You need to serve those clients also who are too argumentative or not supportive to you.

For Example: If you go on the field to collect recovery payments from your client then you cannot be harsh on them. You must handle them in a delicate way so that collections can be done in a smoother way.

6.Good spoken communication skills

This is the most important soft skill for any candidate. Particularly in the Microfinance Industry employee must be good at communication skills. He/she must be aware of the local language and good communication expected to serve them better.

Common Eligibilities

Below are some common eligibilities which are definitely required if you are willing to peruse your career in Microfinance. Particularly if you are at the starting phase you must fit in below requirements.

1.Age

Age must be above 18 and below 30 if you want to start your career.

2.Experience

If you have some experience or fresher with good knowledge can be considered

3.Qualification

The graduate is mandatory in many Microfinance organizations but nowadays undergraduate candidates also been considered

Why choose a career in Microfinance (MFI) Industry

We must look in to below parameters while choosing any industry as a career. Particularly to start Career in Microfinance following points are very important to look at.

1.Salary Range

If you are a fresher or at the officer stage then you should not expect more salary. Because every organization designs its salary packages on basis of hierarchy and financial situations.

Particularly at early-stage company’s focus is to provide maximum incentive benefit to the employee. Your salary can start from 10k to 20k but there is more scope for incentive. Therefore every candidate must be focused on the incentive part because it directs your organizational growth as well as financial growth.

2.Working Hours

Working hours are normal as per industry norms but you need to be more attentive while serving your clients. Probably you have to give them services at weekends also.  Therefore you need to be more flexible.

Sometimes you need to go on a field visit before 9 am or after 6 pm also. However, this varies what kind of situation you faced.

3.Conveyance

It is very important before choosing a career in microfinance. At the early stages, you have to be on the field to serve your clients there you must get a conveyance allowance apart from salary.

4.Promotions

This is the ultimate growth plan of your career where you have to choose those good companies that are providing a promotion opportunities basis on your performances.

5.Incentives

Well every employee wants to earn good money while working in any company. Particularly in Microfinance MFI Industry, you have that kind of opportunity to earn huge incentives apart from your fix salary.

Conclusion:

Well, from the above discussion we are hoping that you do not have any more confusion.  If you are a fresher and want to start Career in Microfinance Industry then this article will definitely help you to clear your doubts.