Unified Information Technology for Microfinance Banks
Microfinance financial institutions are well positioned to enhance access to affordable financial services to many of the people that are still unbanked and under-banked. The success of Nigerian MFBs in driving financial inclusion will, amongst other things, depend on the sector’s use of a suitable set of banking services, including the appropriate use of the National Payment System (NPS) capabilities. It is envisaged that the use of this set of services, or banking platform, will enable participating Nigerian MFBs to become competitive and significantly increase their management capacity.
The CBN, in line with its mandate of supporting, promoting and developing co-operative banking, including deposit-taking microfinances, is taking the lead in identifying possible service providers to provide either the complete set of services or particular components of the set of services.
T24 MICROBANKING APPLICATION
T24 Microbanking Application is an integrated banking software solution that helps microfinance banks active in both (group and individual) lending and (member) deposit holding.
It provides FIs with world-class banking capabilities that usually are only accessible to larger commercial banks with significant IT budgets. T24 Microbanking Application, which can be deployed in the Cloud on a SaaS basis, provides a modern, agile and highly scalable core banking system, as well as a single platform for distribution across all digital and assisted channels, and powerful business analytics.
For community banks, the T24 Microbanking Application offers dividend point tracking, provisions therefore and parameterised dividend processing functionality.
T24 Microbanking Application enables MFBs to significantly reduce operating costs even when business is growing fast, and to pass on these efficiencies to their end-customers in the spirit of financial inclusion.
At the same time, it enables MFBs to clearly differentiate themselves with highly responsive service, tailored products and a truly customer-centric experience – giving every customer, regardless of their financial worth, the same quality service anywhere.