Financial technology company, Fast Credit has adopted Clirec, an integrated account reconciliation solution developed locally by Nigerian Software Company, Precise Financial Systems, to ease its financial reconciliation issues.
The CEO of FastCredit, Emeka IIoelunachi, said the adoption of Clirec would put an end to the company’s reconciliation nightmare.
He explained that “Clirec is a financial reconciliation solution that has assisted the company to ensure the integrity and completeness of data used in reconciliation exercises and the confidentiality of results of reconciliation.”
He added, “We are growing our portfolio significantly but we have always had reconciliation challenges because finance is about keeping the proper record. Imagine serving the entire Nigeria Police Force and the army of Nigeria’s civil service. There is a need for good reconciliation system to ensure that loan disbursed each month and the loan repayment has been collected with the appropriate record.”
According to him, “We needed an automated solution to deal with the bottleneck we were experiencing in our reconciliation processes. We had different proposals and we reviewed them. At the end of the exercise, we chose Cleric from PFS because Clirec meets our needs.
“We are working with PFS and the relationship has been wonderful. Our reconciliation system has been significantly improved. Now, we spend less time and less human resources. These are costs saving for us”.
The Deputy Managing Director of Precise Financial Systems (PFS), Mr. Philip Ayeni said: “Fast Credit, as a leading microfinance institution is already actualizing its vision of creating value that deeply impacts the Nigeria financial ecosystem. And it will continue to achieve this by relying on CLIREC, a newly implemented auto-reconciliation solution that validates the integrity of reports of its influence in the society.
“PFS will continue to support the financial sector with world-class products like Clirec to ensure the industry attains the global standard. As an indigenous firm, our solutions are running thousands of computers and serving numerous clients in Nigeria and 30 countries in Africa.
“Working with Fast Credit has been a good experience. Fast Credit is a trailblazer in the deployment of technology that suits its target market. I am not surprised considering the company’s market positioning to be one of the leading Fintech company in the economy”.
Aside Clirec, PFS’ other cutting edge environmentally friendly solutions include an integrated account reconciliation solution; cheque and e-payment processing, security and remittance solution; end-to-end outward and inward cheque clearing solutions, among others.