e-Barcs Microfinance Bank grows revenue by 49% with Qore’s Recova

e-Barcs Microfinance Bank Limited has witnessed a tremendous growth—through its strategic adoption of Recova.

Recova is a fully automated 360 lending automation solution powered by Qore – the leading Fintech Infrastructure and Banking-as-a-Service provider.

Previously, the bank relied on a manual lending process, which significantly increased their turnaround time and reduced operational efficiency.

e-Barcs MFB partnered with Qore to adopt Recova with the goal of streamlining and scaling their lending operations.

In the robust lending landscape within the financial sector in Africa, e-Barcs’ main goal while adopting Recova was to improve their loan disbursement, reduce risks, and expand access to credit to more customers.

Between January 2024 and July 2025, e-Barcs MFB recorded a remarkable 49 percent increase in loans disbursed and doubled their lending volume.

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This growth reflects not only increased demand but also the bank’s enhanced capacity to meet that demand efficiently and responsibly. This growth is not just a number—it shows the power of digital innovation in financial services.

“We have now completely automated our credit appraisal system, which has taken off manual processes resulting in a stronger internal credit control system for our bank,” says Abayomi Makinde, Head of Risk at e-Barcs Microfinance Bank.

Recova has delivered on all goals the bank sought to achieve through its unique features. Through these features, e-Barcs now manages risk more effectively, and disburses credits speedily to customers. One of the functions of the Recova solution is to streamline credit operations, reduce manual effort, eliminate errors, and reduce operational & amp; credit risks.

Speaking for Qore, Chidinma Obi-Ezike, Head of Lending Automation Business at Qore, said, “Recova was built to enable institutions to improve their lending processes and enhance their growth. The solution is about bringing intelligence and automation to all stages of your credit operations.

“e-Barcs MFB is a testament to the power of adopting technology to improve your service offerings and give your customers only the best service & quot; Having nine branches across Nigeria, e-Barcs MFB continues to scale, and its partnership with Recova stands as a model for how technology can drive inclusive financial growth. We are ready to serve all financial institutions, ready to eliminate brick walls in their lending operations”.

Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.