New Heights Microfinance Bank has chosen Clickatell , a leading global provider of mobile messaging solutions for financial institutions, to deploy mobile messaging services to its customers.

Launched in August 2007, New Heights has introduced its suite of microfinance solutions including loans, credit, savings, money transfer services, and microinsurance products to serve an eager underbanked market (an estimated 79% of the adult population in Nigeria are considered underbanked).

New Heights required a scaleable, SMS-based, mobile messaging solution to improve service delivery and ensure their customers gain immediate access to their suite of microfinance products anytime, anywhere. Having the largest global range, reach and mobile messaging delivery experience in the financial services sector, Clickatell is the partner of choice to provide New Heights with enterprise-class mobile messaging solutions required to meet their growing needs now and in the future.

How does it work?

New Heights customers will receive SMS messages when transactions occur, informing them on the spot of any account activity. When payments are due, customers will receive alerts letting them know. And, if fraudulent activity occurs, customers can notify New Heights immediately, rather than waiting 30 days to receive their end of month statement. New Heights also sends monthly statements directly to mobile phones making it easy, convenient, and even possible for customers to stay in touch with their financial portfolio.

My Opinion

This is a smart move from New Heights considering the fact that most of their customers have mobile phones and may not have the flexibility to visit the banks branches to transact business, make a phone call, or log on to a PC. Thus, the SMS alerts would give them the opportunity to control their finances anytime and anywhere.

Now, we hope to see more microfinance providers incorporating SMS to their banking services which has a relatively low cost of acquiring and servicing customers.