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Understanding the Opportunities and Challenges of the Market_8

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Tham khảo tài liệu 'understanding the opportunities and challenges of the market_8', tài chính - ngân hàng, ngân hàng - tín dụng phục vụ nhu cầu học tập, nghiên cứu và làm việc hiệu quả | 268 Microfinance for Bankers and Investors Turning Schools into Business Nodes Equity s managers recognized that schools offer an excellent opportunity to build a market. Many people come together around schools teachers students and parents all potential customers. Equity developed products specifically to meet their needs including teacher salary advances parent saving accounts and education loans. The bank has a wide network of 65 branches across the country supported by 44 village mobile banks banks-on-wheels that make weekly visits in rural areas . It uses its growing network to reach as many schools as possible offering various products A teacher salary advance is geared toward meeting the unforeseen needs of teachers before payday with loans up to four times the average monthly net salary see Table 1 . The majority of schools also channel their payrolls through the bank. To help low-income parents with tuition fees and school expenses Equity Bank offers education loans timed to the academic calendar. Saving services include a contract savings account for education the Jijenge account and the Super Junior Investment Account a child savings account. The bank s staff has substantial knowledge about its client schools students and their households and this knowledge is augmented by a large database built in collaboration with Hewlett Packard Infosys and Oracle. The bank uses this information to adapt its services to meet the varied demand while keeping them commercially priced. Applying Philanthropic Tools In 2006 the bank established Equity Foundation a nonprofit organization to raise and channel charitable funds. Among the foundation s main activities are programs that supplement the bank s commercial services for privatebudget schools and low-income students. The largest of these activities is the pre-university sponsorship program for low-income students which doubles as an employee development program. Every year since 1997 the bank selects top students .