‘Ora­dian’s app to aid fi­nan­cial in­sti­tu­tions’ growth in W’africa’

The Guardian (Nigeria) - - BUSINESS - By Ben­jamin Alade

Afi­nan­cial in­clu­sion com­pany, Ora­dian, has said its cloud-based toolset, known as “In­stafin”, is ca­pa­ble of grow­ing the num­ber of fi­nan­cial in­sti­tu­tions in West Africa by 30 per cent, thereby cre­at­ing ef­fi­ciency in ease of do­ing busi­ness.

The toolset, ac­cord­ing to Ora­dian, al­ready in use by over 40 fi­nan­cial in­sti­tu­tions across Africa, to reap the ben­e­fits of digi­ti­sa­tion and boost fi­nan­cial in­clu­sion, which is part of the drive for 80 per cent fi­nan­cial in­clu­sion tar­get by 2020 led by Cen­tral Bank of Nige­ria (CBN). Besides, the cloud-based ap­pli­ca­tion has been strate­gi­cally de­signed to boost the op­er­a­tions of mi­cro­fi­nance banks, sav­ings and loans com­pa­nies, es­pe­cially in the re­mote ar­eas of Africa.

Speak­ing at a net­work­ing din­ner, or­gan­ised by the com­pany in La­gos, Ora­dian’s Co-founder and Head of Im­ple­men­ta­tion, Onyeka Adi­beli, said Toolset is pro­grammed to help mi­cro­fi­nance banks pen­e­trate hard- to- reach com­mu­ni­ties with fi­nan­cial ser­vices and man­ag­ing loans’ re­pay­ment.

Adi­beli said: “Our ser­vice is de­signed in such a way that fi­nan­cial in­sti­tu­tions have the tools they need to know and con­trol their port­fo­lio be­cause the ma­jor­ity of the in­sti­tu­tions that use our ser­vice of­fer time- based loans such as weekly, monthly and yearly.”

“To elim­i­nate fi­nan­cial bar­ri­ers that stand be­tween fi­nan­cial in­sti­tu­tions and tech­nol­ogy, the so­lu­tion is be­ing ren­dered as a ser­vice, and so it gives their clients the win­dow to ac­cess the so­lu­tion on an an­nual sub­scrip­tion ba­sis.

“Apart from en­abling fi­nan­cial in­sti­tu­tions be­come more ef­fi­cient with au­to­mated ad­min­is­tra­tion and elim­i­nat­ing time-con­sum­ing man­ual pro­cesses like monthly re­port­ing, our so­lu­tion also helps them to make in­formed de­ci­sions, us­ing real time data and al­ways up-to-date re­port from all branches,” Adi­beli noted.

The event brought to­gether lead­ers of fi­nan­cial in­sti­tu­tions, reg­u­la­tory groups, fi­nan­cial in­clu­sion ex­perts and Fin­tech providers to form strate­gic part­ner­ships that will boost fi­nan­cial in­clu­sion in Nige­ria and West Africa at large.

The event also con­nected the pri­vate sec­tor, pub­lic sec­tor and fi­nan­cial ser­vices reg­u­la­tor.

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