By Laju Iren
There used to be a time when Micro Finance Banks filled every nook and cranny of the country. It did not take long for the wheat to be separated from the chaff, as those with weak management could not handle the pressure and folded up as a result. One detail that singled out strong MFBs was their ability to harness the opportunities offered by technology to meet customer needs. Companies like Appzone limited have also risen up in recent times to provide specialised services like BankOne for MFBs in order to make them embrace technology.
In fact, an Executive Director at Appzone, Mr. Emeka Emetarom told Vanguard in a recent interview that: “Before BankOne, delivery of electronic channel services such as debit cards, mobile and internet banking, etc, was a pipe dream for more than 95% of the MFBs in the country.
Today, a single setup gives them access to all electronic channel solutions available to commercial banks, without the need to incur the typical costs associated with setting up such infrastructure.”
Continuing, he said: “In the area of core automation, BankOne has enabled our financial institution clients very accurately determine their profitability position on a daily basis. Before BankOne, many of the microfinance banks were flying blind, in most cases declaring fictitious profits and sharing depositors funds in the name of dividends.
“Many of such institutions were saved from bankruptcy just by migrating to BankOne as the system is able to provide the true position of risk assets and liabilities in a seamless and automated fashion that brings the kind of visibility required for running banking operations effectively.”
Emetarom added that the solution has also improved the productivity of client institutions by automating many previously manual processes. “One that comes to mind is the generation of the CBN monthly report,” he said. “Before BankOne, it used to take some financial institutions over a month to generate the report.
“In fact some of them had to hire staff whose sole function was collation of necessary data and generation of the report on a monthly basis. But on BankOne, generating the same report is just by a click of a button. This and similar automation enabling features have freed up capacity for all our financial institutions and clients.” He added.
The post How Appzone revolutionised Micro Finance Banks with technology appeared first on Vanguard News.
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