Digital transformation in microfinance is happening here and now and it is going to disrupt business models and processes, said participants of the joint MFC (Microfinance Centre) – EMN (European Microfinance Network) annual conference which took place on October 3 to 5, in Bilbao (Spain).

Microfinance professionals and institutions should be ready because digitalisation brings opportunities as well as threats for social inclusion. They should work together and help each other to face the technological challenges. As one of the speakers said, “When getting started with technology, use your peers, they are a precious source of information”.

More than 600 participants from 45 countries representing the financial inclusion industry attended the joint annual microfinance conference organised by the two reference microfinance networks on the theme “People and the Digital Revolution: Advancing our social mission through technology”.

The EIB Group has a long-lasting record in supporting microfinance through the activities of the EIB, the European Investment Fund (EIF) and the EIB Institute explained Francisco de Paula Coelho, Dean of the EIB Institute, during the opening session of the conference in Bilbao (Spain). “ We support microfinance institutions, fund managers and other industry players because it is instrumental for growth, job creation, social and financial inclusion and sustainable development. These values are at the core of the mission of the EIB, the EU bank, which is celebrating this year its 60th anniversary”.

The next event supported by the Institute will be the European Microfinance Day on 20 October in Brussels.