In an effort to prevent fraud and keep customers informed, Satelite Microfinance Bank, a microfinance institution in Nigeria, has recently started using the Clickatell text-message alert system to notify customers when debit or credit activity is occurring on their accounts.

Clickatell’s CEO, Pieter de Villiers, cited the adaptation of his SMS alert system as an example that “emerging markets are showing a tremendous ability to leap-frog developed markets in terms of technology adoption” [1].

About Satelite Microfinance Bank

Authorized to engage in microfinance activities by the Central Bank of Nigeria in 2007, Satelite Microfinance Bank operates eight branches and also offers account access via automated teller machines and mobile phones. Satelite Microfinance Bank offers its customers retail and small business savings services, loans, and credit facilities. Satelite Microfinance Bank does not report its microfinance data to the Microfinance Information Exchange (MIX).

By Eric McKay, Research Assistant

Bibliography

[1] Clickatell Press Release, February 17, 2010, http://www.clickatell.com/press/press_article.php/158

Additional Links

MicroCapital Universe: Satelite Microfinance Bank: http://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Satelite+Microfinance+Bank