First City Monument Bank Limited (FCMB), one of Nigeria’s frontline deposit banks, and Union Systems Limited (USL) have renewed their partnership and it is expected that this will enhance trade finance solutions.
As a member of the FCMB Group, the bank is committed to fostering inclusive and sustainable growth by building a supportive ecosystem rooted in Africa (primarily Nigeria) that connects people, capital, and markets.
This explains in its partnership with USL – a leading financial software company in Africa-which, for over 20 years, has delivered innovative software solutions to banks and corporations across the continent, allowing them to automate and digitize their financial operations fully.
The renewal of their partnership with FCMB is aimed to allow the bank to continue to use Kachasi, a fully automated, end-to-end platform providing comprehensive local and international trade finance solutions to foster inclusive and sustainable growth.
“This aligns with FCMB’s purpose of fostering inclusive and sustainable growth by building a supportive ecosystem that connects people, capital, and markets,” Taiwo Shekoni, the bank’s Group Head of International Trade Service, noted.
Kachasi is Africa’s leading trade finance software, designed to meet the unique needs of financial institutions. According to Shekoni, the platform facilitates convenient, prompt, and secure trade transactions while ensuring compliance with local and international regulations.
Additionally, it enables businesses engaged in import and export trade to operate more efficiently and access opportunities in the global market.
Read also: AfCFTA Protocols on digital trade, services presents opportunities for Nigeria
“The continued partnership between Union Systems and FCMB affirms the transformative impact of Kachasi on our trade finance operations,” Shekoni said, adding, “the software has become an indispensable tool for our trade finance operations by automating processes, enhancing compliance, and providing insightful analytics.
He said that the renewal represents more than just a software agreement; “it signifies a shared commitment to innovation, excellence, and the future of trade finance in Nigeria.”
Seun Adeleye, the Divisional Head of Sales at USL, disclosed that, at USL, the continuous success of their partners is a priority to them, adding that they pride themselves in ensuring that they provide the top-notch support the bank requires to succeed.
“FCMB’s decision to renew its partnership with us reflects our commitment to exceptional customer service. Our team of experts works closely with FCMB to ensure Kachasi consistently delivers value, addressing any challenges promptly and effectively.
This collaborative approach has strengthened our relationship with FCMB and highlighted the value we bring as a trusted technology partner,” he said.
Kachasi’s configurable architecture ensures seamless integration with existing systems while adapting to FCMB’s specific operational requirements. The software’s robust reporting capabilities provide actionable insights, empowering the bank to make data-driven decisions that enhance trade strategies and customer offerings.
FCMB is committed to driving sustainable economic growth in Nigeria. Between January and June 2024, the bank facilitated over $900 million in export trade flows, supporting the government’s economic diversification efforts.
Join BusinessDay whatsapp Channel, to stay up to date
Open In Whatsapp
