News EFSE DF bolsters development of OBS app that adds Serbian farms to the financial system
12-01-2017 | News »
New mobile app provides quick feedback on loan eligibility
Frankfurt and Novi Sad, Serbia, 12.01.2017. -- The Development Facility of the European Fund for Southeast Europe (EFSE DF) is providing support to Opportunity Bank Serbia (OBS) during the development phase of a smartphone application to help the lender serve small farms in remote areas and extend the coverage of its client advisers.
With some 77 client advisers in the field, the bank is able to collect on-the-spot data necessary for the lending process, such as land lot size, expected crop yields, and local climate conditions. The application then conducts a preliminary analysis and immediately provides potential clients with eligibility results that also include available loan sizes and tenors. In addition, with a hand-held system for collecting and approving loans, the lender’s advisers can spend more time in the field increasing financial inclusion for farmers.
EFSE DF Committee Chairman Markus Aschendorf said: “We are pleased to support Opportunity Bank’s innovative approach for offering loan services to farmers. This solution will contribute to the EFSE goal of increasing financial inclusion in rural areas, areas that often still have little or no access to credit.”
Vladimir Vukotic, President of Opportunity Bank’s Executive Board, said: “We are honoured that a renowned European financial institution such as EFSE has recognised Opportunity Bank’s constant aspiration to facilitate access to financial services for the clients who live in rural areas and have difficult or no access to those services. Financial support provided by the EFSE DF for the purposes of developing this mobile app enabled us to simplify our loan approval process for this group of clients, whose priority is to receive preliminary information about loan availability and conditions on the spot and without the need to visit the bank. This gives Opportunity bank the chance to further increase financial inclusion of clients from this segment.”