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BusinessDay

Wema Bank taps Kachasi Trade Finance to improve efficiency via automation

Wema Bank has gone live on Kachasi Trade Finance Software to enable the achievement of full automation of trade finance operations.

Trade finance is a phrase used to describe different strategies that are employed to make international trade easier. The market share is expected to increase by $12.20 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 4.38 percent.

Kachasi, owned by Union Systems, is the first indigenous trade finance software application built to automate the entire lifecycle of international and domestic trade finance operations, and it is the result of over 20 years of experience implementing and customising various international trade finance software applications for banks across Africa.

Wema Bank’s journey with the software began in March 2022. As a first of its kind, Kachasi Trade Finance Software comes with intuitive design and functionalities.

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“We are pleased to be joining the league of banks around the world that re using technology to transform trde finance operations,” Tajudeen Bakare, divisional Head of Operations and General Service, Wema Bank. “This project will significantly reduce turnaround time improve operational efficiency, and unlock new revenue streas for the bank. It will also improve the bank’s ability to respond quickly to regulatory policies and updates.”

Union Systems says the bank going live on its software is a major milestone which highlights the organisations’ competence and commitment to delivering value.

“Our enterprise project delivery methodology, superior domain expertise, and the Wema Bank team’s matching determination, dedication, and support resulted in the project being completed in a record time of four months,” Seun Adeleye, divisional head, Client Service, Union Systems Limited. “This has been a model implementation, demonstrating what can be accomplished through effective collaboration between African financial institutions and competent indigenous technology vendors.”