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Oradian sees 30% growth in financial institution

Oradian sees 30% growth in financial institution

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Microfinance institutions, microfinance banks and cooperative societies in West Africa that use cloud-based toolset can grow by more than 30 per cent yearly through more efficient delivery of services, a tech firm, Oradian has said.

Speaking during a networking dinner organised by Oradian at the Four Points by Sheraton, Victoria Island, Lagos at the weekend, its  Chief Executive Officer (CEO) highlighted the importance of technology for digital transformation and efficient delivery of services.

He said tools for digital transformation, such as Instafin Messaging, Automatic Updates, Maximum Data Security, Training and Implementation – including data migration from previous CBS or from spreadsheets – are also crucial to optimise result.

Co-founder and Programme Director for Africa, Oradian Mr. Onyeka Adibeli said 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 customised but parameterised in a bid to ensure that every entity can configure their products to suit their clients.

He said: “Providing loans is the main service for many microfinance institutions and microfinance banks in West Africa. Clients don’t just come to the institution because they want to save; they are saving because they need a loan. And in anticipation and understanding this demand, we create the tools that financial institutions need to service their clients in the most efficient way.”

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 connected the private sector, public sector and financial services regulator.

Attesting to the positive impact of the use of Instafin in rural microfinance institutions, the Head, LAPO Rural Development Initiative, Mrs. Florence Omofonmwam said LAPO, through Oradian and its CBS Instafin, has been enabled to  open new branches, reach new clients and boost financial inclusion in the country.

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

Another speaker, Antonio Separovic said the CBS Instafin enables financial institutions to eliminate manual, pen and paper processes and move to digitised operations.

By reducing the time spent on administration through digitisation, 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 minimise inefficiencies, Instafin reduces high-operational costs through automatic reporting that replaces time-consuming month end reporting processes.

Other stakeholders at the event include Association of Non-Bank Micro Finance Institution of Nigeria President, Alhaji M. A. Oyelekan; Oradian’s Business Development Manager, Mr. Eric Elango;  Intermarc Managing Partner, Mr. Adeyinka Adeyemi; Chief Business Development Manager Africa, ProtectPipe, Mr. Henrik Mattila-Kuusniemi and a Central Bank of Nigeria (CBN) official, Mrs.Temitope Akin-Fadeyi, among others.

The post Oradian sees 30% growth in financial institution appeared first on The Nation Nigeria.

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