The Netherlands-based company Low-income Financial Transformation (L-IFT) recently added several features to its Finbit system for creating financial diaries to track the transactions and various attributes of individuals and small enterprises. Finbit includes both an app for Android phones and a portal for accessing the data collected.
The app can act as a financial diary, tracking every daily expense and instance of incoming funds, including purchases, savings, loan disbursements and loan payments as well as number of hours worked. Its new features are more oriented toward the owners of small businesses, including the ability to track assets and manage employees’ hours and wages. The app also can collect non-financial data via surveys, and it can track changes in data over time.
Users can display their financial histories for their own planning or to share with lenders to strengthen their loan applications. Financial services providers (FSPs) can use Finbit to chart client data and measure knowledge acquisition over time. As the app can be used as an interviewing tool or for self-reporting, some FSPs are offering it to their own staff use to track their personal financial well-being.
Launched in 2019, Finbit has 5,000 users in 13 countries, including micro- and small enterprises as well as refugees and members of other low-income groups.
In addition to the Netherlands, L-IFT has teams in Ethiopia, Nigeria and Uganda. Its services center on assisting financial organizations with product development, impact measurement and data access.
Sources and Additional Resources
L-IFT press release
https://l-ift.com/finbit-update-as-of-november-2021/
Finbit description
https://l-ift.com/introduction-to-finbit/
Finbit download via Google Play
https://play.google.com/store/apps/details?id=com.lift.finbit.lits
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