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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.

One of the key components of the envisaged services is an up-to-date banking IT-based system, enabling access to the National Payment System. The IT system is seen as the most important vehicle through which Nigerian MFBs can improve not only their penetration levels, but their product offering and level of service as well. Additionally, such a system will also enable a more complete and robust means to manage information within the sector, as compared to the current reality. The banking system will be made available on a managed service basis.

The banking platform consists of many other components which in turn consists of all the relevant services and support structures necessary for the CBN to offer their customers products and services that in retail “savings and loans” terms, rival those of the commercial banks.

The intention of this project is to establish the banking platform, thereby addressing the most pressing business needs of the Nigerian MFBs. This platform will provide Nigerian MFBs with the capability to offer their customers products and services at par with those offered by commercial banks while taking cognizance of the financial and resourcing constraints under which Nigerian MFBs operate.

Integrated Banking Software


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.


Access to a world class core banking application with high scalability and flexibility
Access to a robust agency banking solution
Unified view of the Core Banking Application to all the microfinance banks
Charges and commission will be MFB dependent
Easy of generating standardised regulatory report
Lower Total Cost of Ownership (TCO)
Improved Operational Profit Margin
Ability to focus on core business
One stop, end-to-end Service Provider Management
Opportunity to serve as a pay outlet for the government and other Institutions
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