Indian banking and financial services software powerhouse, Nucleus Software Exports has rolled out a new credit and loan system that will enable banks in Africa to improve its lending capabilities and implement robust and effective processes and procedures.
The company is working with Johannesburg based, Ubank, the worker and community banking and loan provider to implement FinnOne, a market ready lending technology solution product. It is the first bank on the continent to introduce this product. FinnOne’s agile technology platform, according to Nucleus Software’s CEO Vishnu R Dusad “it will increase Ubank’s lending efficiencies exponentially, and grow its current portfolio to 1.5 million accounts by 2017”.
In 2008/09, the Nigerian financial sector was saddled with a huge sum of non-performing loans culminating in the capital erosion of 9 out of the 24 banks. This led to the emergence of the Asset Management Corporation of Nigeria (AMCON) in 2011 for the purpose of efficiently resolving the non-performing loans assets of banks, and enhances the availability of credit to the critical sectors of the economy. The FinnOne lending solution will enhance and improve any credit process, including portfolio management and collections that will ensure achievement of operational efficiencies and a reduction of operational losses.
“With more than 22 customers in eight countries across Africa, Nucleus Software has a long term focus on the vibrant, growing African banking market”, Mr Dusad said speaking from Johannesburg. Nucleus currently works in Kenya, Nigeria, South Africa, Zambia, Zimbabwe, Mauritius, Tanzania and Egypt. Nucleus Software is listed on the National Stock Exchange and Bombay Stock Exchange in India.
According to Luthando Vutula, CEO of Ubank, “Ubank has a history of providing basic financial services to select mining and rural communities for almost 40 years, and in the last few years we have expanded operations to a few metropolitan communities as well”
Other banking software products used in the East Africa region include two flagship products -FinnOne and FinnAxia in their core area of expertise- Lending and Transaction banking respectively.
The company is working with Johannesburg based, Ubank, the worker and community banking and loan provider to implement FinnOne, a market ready lending technology solution product. It is the first bank on the continent to introduce this product. FinnOne’s agile technology platform, according to Nucleus Software’s CEO Vishnu R Dusad “it will increase Ubank’s lending efficiencies exponentially, and grow its current portfolio to 1.5 million accounts by 2017”.
In 2008/09, the Nigerian financial sector was saddled with a huge sum of non-performing loans culminating in the capital erosion of 9 out of the 24 banks. This led to the emergence of the Asset Management Corporation of Nigeria (AMCON) in 2011 for the purpose of efficiently resolving the non-performing loans assets of banks, and enhances the availability of credit to the critical sectors of the economy. The FinnOne lending solution will enhance and improve any credit process, including portfolio management and collections that will ensure achievement of operational efficiencies and a reduction of operational losses.
“With more than 22 customers in eight countries across Africa, Nucleus Software has a long term focus on the vibrant, growing African banking market”, Mr Dusad said speaking from Johannesburg. Nucleus currently works in Kenya, Nigeria, South Africa, Zambia, Zimbabwe, Mauritius, Tanzania and Egypt. Nucleus Software is listed on the National Stock Exchange and Bombay Stock Exchange in India.
According to Luthando Vutula, CEO of Ubank, “Ubank has a history of providing basic financial services to select mining and rural communities for almost 40 years, and in the last few years we have expanded operations to a few metropolitan communities as well”
Other banking software products used in the East Africa region include two flagship products -FinnOne and FinnAxia in their core area of expertise- Lending and Transaction banking respectively.
No comments:
Post a Comment