Cowries Microfinance Bank goes live on Craft Silicon solution
Nigeria-based Cowries Microfinance Bank has gone live on Craft Silicon for its Core Microfinance Banking solution.
Only 2% of Nigerians have access to credit
According the vendor, the bank managed to launch the system “in record time compared to its peers”. Chimaobi Agwu, managing director of the bank, thanked workers from both companies for “working around the clock” to ensure the go-live happened on time.
Cowries MFB is a unit microfinance bank licenced by the Central Bank of Nigeria in 2009, with a goal of facilitating financial inclusion for under-banked and unbanked people in Nigeria.
“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,” adds Agwu.
Craft Silicon claims that a unique feature of their platform is that it can accommodate a network of other microfinance institutions, which can outsource ownership and management of their core banking application to Cowries, positioned as a digital support partner.
Kamal Budhabhatti, group CEO of Craft Silicon, adds: “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 digitisation covering front-to-back office processes.”
