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Fintech International strives to promote financial inclusion

 

FINTECHPIC

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: https://www.thecitizen.co.tz/News/1840340-4975252-view-asAMP-l293wbz/index.html

PHOTO 2019 01 22 22 26 04

 

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

 

PHOTO 2019 01 22 22 26 51

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

 

PHOTO 2019 01 22 22 27 08

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