By Prince Osuagwu

Microfinance institutions solutions provider, Oradian has said that microfinance banks and Cooperative Societies in West Africa using its cloud-based toolset, Instafin, have the potential to become more efficient and grow by over 30% annually.

The company made the claimed during a networking dinner it organized in Lagos, recently.

The event which brought together leaders of financial institutions, regulatory groups, financial inclusion experts and service providers connected the private sector, public sector and financial services regulator.

Addressing guests at the networking dinner that attracted stakeholders from the financial and ICT sectors of the economy, Antonio Separovic said the CBS Instafin enables financial institutions to eliminate manual, pen and paper processes and move to digitized operations.

By reducing the time spent on administration through digitization, financial institutions have more time to focus on their core competency: delivering financial services to clients in their communities.

He added that as part of the process to minimize inefficiencies, Instafin reduces high operational costs through automatic reporting that replaces time-consuming month end reporting processes.

The CEO highlighted several other tools for such digital transformation such as Instafin Messaging, Automatic Updates, Maximum Data Security, Training and Implementation – including data migration from their previous CBS or from spreadsheets.

Co-founder and Programme Director for Africa, Oradian, Mr. OnyekaAdibeli added that financial institutions on the Instafin platform can offer time-based loans on a weekly, monthly or yearly basis. He added that the system is not customized but parameterized in a bid to ensure that every entity can configure their products to suit their clients.

Attesting to the positive impact of Instafin utilization in rural microfinance institutions, the Head, LAPO Rural Development Initiative, Mrs. Florence Omofonmwam said that LAPO, through Oradian and its CBS Instafin, has reached new clients and boost financial inclusion in Nigeria.

She stated: “Oradian has helped us eradicate the cumbersome process of monitoring packs and client data management is now simpler and less stressful. With digitization, my team has less administrative work to do and they can spend more time in the field out of the office, finding new clients.”