News and Events

Fintech has launched an automated solution for the IFRS9 reporting standards in Africa. This will assist banks and other financial institutions in the region to efficiently manage their compliance to IFRS9 regulations. The IFRS9 solution has been successfully implemented in Europe, Asia and a few African Countries.


The FlexFinance IFRS solution has been launched in partnership with FERNBACH of Luxembourg that provides this comprehensive all-round IFRS solution. The IFRS solution addresses the entire spectrum of IFRS9 requirements and subsequent generation of the Financial Statements in IFRS9 format and requisite automatic generation of accounting entries for provisioning transactions on account of impairment categorization.


FERNBACH is a leading provider of the software product range FlexFinance® for banks and the financial services industry. Fernbach provides an integrated portfolio of financial system applications and services tailored to meet each client’s unique and evolving needs.


Fintech is the local representative that will provide systems integration and consultancy around FERNBACH’s FlexFinance IFRS solution. The combination of FERNBACH’s specialist technology and Fintech’s domain expertise in financial services will help financial institutions across Africa accelerate adoption of compliance change requirements.


In recent years, Africa has shown its commitment to gradually align local with the international accounting & financial reporting standards (IAS/IFRS). Financial institutions are facing huge challenges in adopting the new IFRS standards. The solution launched in the Africa region comes as a relief to assist the local industry meet its obligations as far as compliance to IFRS9 standards is concerned.


The IFRS9 solution handles valuation of financial instruments, calculation of impairment and hedge management; consolidation with multi-currency capability. Furthermore, individual components such as ‘Impairment’ and ‘Hedging’ are available. The accounting procedure will comply with legal requirements and will reflect the economic situation in accordance with IFRS.


The IFRS9 solution is a comprehensive, web-based and integrated solution for the calculation and accounting procedure for risk provisions. It provides everything you need for your Probability of Default, Loss Given Default, Exposure At Default, Expected Credit Losses, risk provisioning, impairment stages 1, 2 and 3 including scenarios.  Its capabilities conveniently handle the cash flow plan generation, Categorization, Impairment, hedging, and Financial accounting. It contains a results layer data mart that provides for easy regulatory disclosures and reporting as well as for accounting and economic analysis. It can integrate into most modern core banking systems and other third party bank applications for automated inter-exchange of data.

Fintech International strives to promote financial inclusion



World Bank’s lead private sector specialist for East Africa Steven Dimitriyev (left), Child & Youth Finance International chief operating officer Bram Van Eijk (middle) and Midas Touché East Africa Tanzania CEO Nick Kasera exchange views on the sidelines of the Financial Inclusion summit recently


 The world is abuzz with the word “fintech"


To be fair, it is Loita Group, founded in Mauritius, with its headquarters in Nairobi that founded a company and named it Fintech International 25 years ago and popularised the terminology, now synonymous with finance and technology. The just-concluded Tanzania Financial Services Conference organised by Mr Deo Kilawe and his Mikono Speakers gave a wide array of speakers the opportunity to share on challenges facing financial inclusion including the micro finance sector.


Fintech International has been providing customers, largely banks and financial institutions, with tailor-made solutions that ease the institutions’ capacities to provide faster and better financial services.


Mr Polycup Osero, the Group head of sales and marketing, says in keeping with UN strategic development goals on eliminating poverty in all its forms, Fintech has identified partners and is working with microfinance institutions and Saccos that have a key role to play in mobilising savings, providing access to affordable credit and improvement of agriculture production and marketing, among others.


In responding to the challenges in the sector which include the lack of resources, high unemployment, infrastructure, low literacy including financial literacy, Fintech sees opportunities to meet Africa’s needs.


In this case, back office Coresystems become critical whether out rightly purchased or shared/hosted platforms.

It is the latter which Fintech has deployed in Malawi successfully as Mr Joseph Mayenda, chief executive officer of the Micro Finance Institutions Hub testifies.

Initially, financial institutions feared to venture into rural Malawi where over 70 per cent of our 17 m people live and 55 per cent of them were financially excluded.


The formation of the MFI Hub in Malawi was a government initiative, driven by research findings of a Finscope Survey and the need to mobilise savings and forms part of the base capital the country’s financial sector needed.


The government created the environment by working on payment systems and regulatory environment for MFIs. Creating systems was high to breaking key barriers hence to create a shared system that was inter-operable with MNO’s, National Switch.

Since Fintech entered into the arrangement with the shared core banking systems it has seen completely integrated solution that has seen more than 100 MFIs and Saccos joining the hub, thus create a net effect of more people saving/investing, easier partnerships between banks, improved confidence by clients and easier monitoring by regulators and credit referencing.


More on the article here:

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Front Row L-R  (Funny Kacheyo, Operations Manager, Sheila Falakeza, Secretary of Board, Lynne Miriti, System Developer)

Middle Row L-R (Masanko Khambo, Chairman of Board of Sacco, Joseph Mayenda, Hub CEO, Heluxe Thorn, Treasurer Board of Sacco)

Back Row L-R (Malizani Gamaliel Sacco Manager, Raphael Jabuya, Senior Developer, Steve Chongwe, IT Manager Sucoma sacco, Barry Ryan, Fintech CEO, Vincent Ondiff, Regional Manager, Fintech Group)


On the 22nd January 2019, Fintech was able to once again have its Finfinancial system launched and GO LIVE at Sucoma Sacco in Malawai. The system helps to streamline lending processes by connecting MFIs and Saccos to the integrated national payments platform so that their clients can enjoy digital payment systems which will effectively be passed down to consumers and result into increased access to financial services

MFI Hub CEO, Joseph Mayenda said the coming on board of Sucoma Sacco increased the number of institutions on the MFI Hub system which targets 60 firms by the end of December 2019

He continued by saying, “The hub enables the automation and digitization undertaken cost effectively and brings about economies of scale by adopting a shared platform thereby significantly reducing barriers to automation. Saccos in Malawi will now operate under a platform similar to World Council of Credit Unions (Woccu) in Kenya. These solutions come with mobile savings and lending, integration to national payments switch, MNOs, Immigration, CRBs, traffic department and more"


Fintech International has been serving Malawi’s financial service industry for close to two decades providing other solutions such as core banking, leasing and digital banking among others


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MFI Hub CEO, Joseph Mayenda signing off the system for GO-LIVE


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Raphael Jabuya (Senior Developer, Fintech) signing off the system for GO-LIVE


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Funny Kacheyo (Operations Manager, Sucoma Sacco) signing off the system for GO-LIVE