By Faisal Wahedi and Sharada Ramanathan with input from Neetu Bansal
Our last post talked about the key items that Non Banking Financial Institution (NBFC)-Microfinance Institutions (MFIs) should negotiate with banking partners to ensure a long-term, sustainable partnership that furthers the financial inclusion goals of both parties. We now turn our attention to the internal changes that these MFIs must make to become effective Business Correspondents (BCs). Transitioning into a BC offering multiple banking products is a significant change for most MFIs, which are typically used to providing credit alone. This post talks about staff-related challenges faced by such organisations through this transition; and offers possible solutions for effective change management.