New software to ease access to MFIs network

Efforts by financial institutions, especially microfinance institutions (MFIs), to improve service delivery could be boosted following the introduction of a new banking software system that supports automation of banking services. Graham Parsonage, the Neptunes Software Limited chief, the app developers, said the software called Rubikon considers MFIs’ drive to improve operational efficiency through automation without compromising performance or increasing operational costs. “Rubikon has event-triggered alert mechanisms that send e-mails and short text messages to account holders and internal control teams whenever there is any suspect operation on any customer’s account or restricted internal bank accounts. This, therefore, reduces chances of fraud,” Parsonage said. He said the system’s online technology will enable MFIs to extend banking services to communities categorised as hard-to-reach, using platforms like mobile banking, Internet banking and automated teller machines. “This will enhance access to MFIs services and enable delivery of services in real time basis and hence improve turnaround time,” he explained. Damascene Hakuzimana, the Association of Microfinance Institutions in Rwanda senior advocacy and communications officer, said innovations like Rubikon could help drive up customer numbers since they enable financial institutions to reach the ‘financially excluded’. UK–based Neptune Software has offices in Kenya, Tanzania, Nigeria, India, Uganda and Ethiopia.

News

New software to ease access to MFIs network