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How Bank One transformed over 300 Micro Finance Banks

BY Laju Iren

Small and Medium Scale Enterprises are the lifeblood of Nigeria’s economy and by extension, so are the Microfinance Banks that support them. However, for MFBs to remain competitive, achieve rapid growth, operate profitably, and make significant economic impact, they also need systems in place to support them as well.

Appzone’s BankOne was created to do just that. Having recently signed its 300th Microfinance Bank onto the BankOne platform, the company says it is even more confident of making an indelible mark on the country’s economy.

Group Head, Business Development for BankOne, Mr Adelana Adewusi, in a brief interview to mark this  extraordinary achievement said:   “We are  leading the market with our disruptive product by ensuring that MFBs are able to deliver quality service to their customers.

We would like to use this medium to say thank you to all our customers and partners who have supported us on this amazing journey. We will continue to deploy this great product of ours until we are represented in every country of the continent and have thereby enabled the much needed transformation in Africa’s budding Microfinance sector.”

The platform, which was launched by software company, AppZone in 2011, is designed to achieve end-to-end automation of financial institution operations while exposing core services to end customers through multiple alternative channels nationwide including ATMs, POS terminals, Internet, Mobile phones, Commercial Bank Branches and independent agents.

Built for the African environment, the platform is deployed centrally as a shared service on secure cloud infrastructure to manage operations and enable alternative service delivery channels for small retail Banks and Microfinance institutions.

BankOne provides its financial institution customers with a world class core banking solution, and an electronic financial transaction platform in partnership with electronic payment providers. It also provides financial institutions with complete and tailor-made automation of operations at an affordable rate, and minimal requirement for IT infrastructure and expertise.

BankOne also boosts the reach and customer base of target financial institutions by leveraging alternative Banking channels and integration to mainstream payment systems as well as interoperating with other industry players. BankOne utilizes feedback from existing and prospective clients to achieve continuous incremental enhancements, combining     state-of-the-art software development technology, with innovative product concepts to deliver a platform that is tailored to meet the needs of Microfinance and other target financial institutions in Nigeria.


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Comments expressed here do not reflect the opinions of vanguard newspapers or any employee thereof.