Today, many bank processes are attached to how banks have always done business which is to serve the needs of the bank more than the customer. Banks need to overturn this trend and make the customer experience the starting point for banking processes. To do so, they need to understand what customers want, how and when they want it. Instead of a major cost centre, operations of the future will be a driver of innovation and customer experience.
Microfinance banks, in their various categories, assist to enhance economic development, particularly in developing nations. In Nigeria, they have precipitated the process of poverty alleviation programmes of the Government and funded promising entrepreneurs while adding new ones to emerge. Within a short period of time, MFBs have become an intricate part of the Nigerian Financial Services.
In December 2005, the Microfinance Policy Framework for Nigeria (the “MFB Framework”) was introduced by the CBN, to accelerate rapid economic growth and reduce financial exclusion. Among other things, the MFB Framework was introduced to provide start-ups, small business owners, and low-income households with access to the financial services required in their business operations and day-to-day activities.
FinTech is leveraging the existing MFB Framework to launch their products and doing amazing at it. Now, we have several MFBs whose services are solely based on technology and attracting the new generation; the Gen Zs. Thereby changing the narrative of MFBs being for the elderly and the average class.
Such Fintech Microfinance banks seem like the way to go as they appeal to a generation that enjoys seamless and easy banking, a generation whose smartphones are always usually near them and prefer a mobile banking app on the device that can help quickly take care of a wide range of upsetting tasks whenever they wish. Traditional MFBs have their work cut out for them and must leverage the technology available to ensure they provide the best for their clients.
CWG has developed Finedge, a core banking solution for microfinance banks that allows customers to make deposits remotely, make online payments, and transfer funds between accounts while sitting in the comfort of their own homes. FinEdge is the leading core banking solution for the Microfinance Industry and is proven to help banks and other financial organizations enhance agility and efficiency of operations, while significantly improving customer experience and returns. FinEdge provides great value by assisting banks to eliminate the costs and complexities associated with owning and maintaining a core banking software.
As the leading core banking solution for the Microfinance Industry, FinEdge is proven to help banks and other financial organisations enhance agility and efficiency of operations, while significantly improving customer experience and returns.
FinEdge provides great value by assisting banks to eliminate the costs and complexities associated with owning and maintaining a core banking software. This allows microfinance institutions to focus their attention and funds on other critical aspects of their operation