In recent years, the financial sector has been suffering from a ballooning number of bad loans and non-performing assets (NPAs). Despite decent performance showing 8% NPAs rate on June 30, 2020, the figures are expected to shoot up to 10-11% on March 31, 2022, according to S&P Global’s research.
While traditional banks and large financial institutions have resources and reserves to protect themselves from the disastrous consequences, microfinance institutions (MFIs) have to maneuver in shallower waters trying to stay afloat. The only visible option for MFIs now is leveraging smart loan monitoring and early warning systems (EWS).
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