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PayBox Technology Improves Client Service

Thursday, 21 May 2009

By Andrea Vujosevic, World Vision Microfinance Communications

Microfinance institution CREDO has launched a new type of payment system for clients in Georgia, enabling them to make loan payments at no charge via Payment Machines called ‘PayBox," located in shops, streets and villages across the country. Designed to increase convenience and save time for clients, the new system also means significant cost savings for CREDO, as well as increased cash flow and efficiency of its operations.

This newly adapted method of payment is already in use in Georgia with people using these machines to pay mobile phone bills, Internet and utility expenses 24 hours, seven days a week.

It means easier payment, because people are no longer required to travel great distances to make payments and are not confined to bank working hours.

“PayBox Technology means savings for clients and CREDO. For clients it is time saving with repayment points closer and they can repay at their convenience. For CREDO it means cost savings; repayment data from PayBox will be automatically imported to our loan tracking system," emphasized Ljiljana Spasojevic, CEO of AzerCredit Azerbaijan and Credo Georgia.

The whole system of repayment will be simpler and more user friendly and it is particularly convenient for village residents who will no longer have to travel to the cities to make a payment, saving them valuable time and resources.

“It is good I can make payment everywhere. Machines are located close to my house so I do not need to wait in long lines and it does not require travel to the city. I am happy that I can make payments on non-working days too," said Eva Gvajeva, CREDO client.

Thousands of PayBoxes are located across Georgia, consequently, easing the repayment process at any geographical location.

All clients will receive SMS (instant messages on their mobile phones) with information about the new payment system. CREDO will also distribute brochures with a detailed explanation of the procedures involved in this new service. In the meantime loan officers are already personally informing clients that they can make payments via this service.

“CREDO has decided to become more focused on rural lending in the future. PayBox Project is one of the first steps in that direction. With this new technology we will enable clients in rural areas, where banking services or branches do not exist, to access our products," added Ljiljana Spasojevic.