By Emma Okonji
Cowries Microfinance Bank and Craft Silicon, a pioneer in financial technology, have announced the successful implementation of the Craft Silicon’s Core Microfinance Banking solution at the bank. Cowries MFB now leverages Craft Silicon’s proven platform to power its operations across its branches spread throughout the country, engaging its customers with a truly digital banking experience and an enriched product and services portfolio.
The Managing Director of the bank, Mr. Chimaobi Agwu, said: “The micro lender selected Bankers Realm Microfinance Solution (BRMFS) from Craft Silicon because of its track records”.
He explained that the core banking solution would provide a strategic platform upon which Cowries MFB shall develop advanced and modern banking services and products.
According to him, “Moving to a unified, functionally rich core banking platform will support Cowries MFB in increasing customer convenience, enhancing the time to market of products and services, and reducing its operating costs.
“A unique feature of the application is its ability to accommodate a network of other micro finance institutions, wherebysuch institutions can be Integrated to the Craft Silicon Bankers Realm Solution and outsource ownership and management of their core banking application to Cowries, which will be positioned as a digital support partner to these Microfinance Banks. Giving the opportunity for collaboration which is highly neededto bridge the financial inclusion gap currently.”
The Group CEO of Craft Silicon, Mr. Kamal Budhabhatti, said: “A truly digital transformation of operations is no longer a choice for progressive microfinances, but an inevitable need today. To achieve this, microfinance banks need to take a holistic approach to digitization covering front-to-back office processes. The technology rejuvenation along with new solutions at Cowries MFB will provide the microfinance a robust foundation to drive growth and the agility to innovate continuously.”
The bank managed to successfully launch the system in record time compared to its peers. Agwu thanked Cowries MFB and Craft Silicon’s staff for their loyalty and dedication and for working around the clock to complete the implementation with professionalism and excellence. Furthermore, he praised the Central Bank of Nigeria (CBN) for their continued support and supervision to ensure a smooth and effective transfer between core banking systems.
BRMFS is a modern and proven enterprise platform that meets the needs of next generation microfinances. This web enabled application gives microfinances the capacity to service markets in diverse geographies and cultures in a multi-channel context, as it supports multi-currency and multi-lingual features.
contribution will reach “$4.8 trillion (4.8 per cent of GDP) as countries around the globe increasingly benefit from the improvements in productivity and efficiency brought about by increased take-up of mobile services.”
