Introduction:
How to start career in Microfinance (MFI) Industry? Well, we all know that microfinance is similar to banking and financial services that provided to the people. Nowadays it is 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.
What is mean by Microfinance?
Microfinance can be defined in several ways but in single way we can called it as 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 Nobel Prize winner who is from Bangladesh. He has major contribution to start microfinance industry by helping poor and financially incapable individuals to start their own business.
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 below Points.
- Career Stages and hierarchy in Microfinance (MFI) Industry
Like every other industry Microfinance (MFI) Industry also has many career stages. We must look it as career growth path. It help us to plan your career in early stage Therefore it is very important to understand the hierarchy.
If you are just starting your career in Microfinance then you must start as officer that is trainee and executive stage. In this stage you have to learn the basics of this industry and perform accordingly.
Growth Path can be look in to below hierarchy:
- Qualities required for starting career in Microfinance-MFI Industry
If you decided to choose your career in Microfinance MFI Industry then below are some qualities which are required to achieve success
- Attentive- In this field 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 manner that smooth functioning to be delivered.
- Intelligence- Candidate must be intelligent enough to handle financial transaction or to monitor the process in a good manner. Also He/she must be ready with more possible solutions for different situations.
- Ready for field work- It is obvious requirement because if we want to serve better to our client then we must reach out to them. There candidate must be ready to go out and serve them better.
- Ready to achieve Targets- 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.
- Patience- Well, Patience is all about the core part of your personality. Patience plays very important role in this industry .You need serve those clients also who are too argumentative or not supportive to you.
Example: If you go on field to collect recovery payments from your client then you cannot be harsh on them. You must handle them in delicate way so that collections can done in smoother way.
- Good spoken communication skills- This is most important soft skills to any candidate. Particularly in Microfinance Industry employee must be good at communication skills. He/she must be aware about local language and good communication expected to serve them better.
- Common Eligibilities Include:
Below are the some common eligibilities which are definitely required if you are willing to peruse you career in Microfinance
Particularly if you are at the starting phase you must fit in below requirements.
- Age: Age must be above 18 and below 30 if you want to start your career.
- Experience: If you have some experience or fresher with good knowledge can be considered
- Qualification: Graduate is mandatory in many Microfinance organizations but nowadays undergraduate candidates also been considered
- Why to choose career in Microfinance
We must look in to below parameters while choosing any industry to peruse you career
- Salary Range- If you are a fresher or at the officer stage then you should not expect more salary .Because every organization designs it salary packages on basis of hierarchy and financial situations.
Particularly at early stage company 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 incentive part because it directs your organizational growth as well as financial growth.
- 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 field visit at before 9 am or after 6 pm also .However this varies what kind of situation you faced.
- Conveyance-It is very important before choosing career in microfinance. At early stages you have to be on field to serve your clients there you must get a conveyance allowance apart from salary.
- Promotions- This is an ultimate growth plan of your career where you have to choose those good companies that are providing a promotion opportunities basis on your performances.
- 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 your journey in Microfinance Industry then this article will definitely help you to clear your doubts.