Oradian Software Company is promoting financial inclusion in Nigeria by providing cloud-based technology services for Microfinance Banks (MFBs) to reach more unbanked population.
In Nigeria, where the Central Bank of Nigeria (CBN) is striving to reach 80 percent financial inclusion by 2020, MFBs are looking to implement cloud-based core banking systems that enable them to maximise operational efficiencies and extend their reach to unbanked communities.
To do so, MFBs must build and implement IT strategies that enable growth, sustainability, profitability and impact.
Oradian’s cloud-based banking platform offers enhanced security and enables growth without the burden of incremental costs associated with on-premise systems and positions banks to better serve their clients.
Instafin, Oradian’s cloud-based core banking platform, is software built specifically to cater to the everyday needs of financial institutions serving microfinance clients.
As a banking platform, Instafin offers automatic and continuous consolidation of all operations and branches. This means that financial institutions’ client data is available in real-time and enables constant monitoring of business performance. Real-time data consolidation from an MFB’s branches to the head office allows instant access to all data with one click.
Instafin’s uptime is constantly tracked and reached 99.97% in 2018, meaning less than 2 hours of downtime per year.
These downtimes are planned by Oradian and take place outside of financial institutions’ working hours. In case of unexpected issues, MFBs can continue operating and serving their clients by using the Instafin mobile app with offline capabilities.
This solution is improving the operations of many Nigerian MFBs in remote areas where challenges of weak connectivity and downtimes cause banks to struggle with system downtime, inefficiencies and delays.
These operational lags adversely affect End-of-Day (EOD) or End-of-Month (EOM) processing, when MFBs consolidate data from the day or the month into cohesive reports.
Oradian has proven its ability to deliver on top-notch IT solutions as it has worked with Cantilan Bank, the first financial institution regulated by the Central Bank of the Philippines, to pioneer cloud technology for their core banking operations across 40+ branches.
The successful pilot, which selected Oradian to provide their cloud-based platform, and stakeholder collaboration demonstrate how cloud technology is boosting global financial inclusion.
In addition, Oradian has been working with LARDI (LAPO Agricultural and Rural Development Initiative), a subsidiary of LAPO – Nigeria’s largest microfinance bank – since 2015 to reduce operating costs and be able to reach new underserved communities.
“After LARDI implemented Instafin, we were able to access all our branches at one spot, reduce the time spent on consolidating reports on a monthly basis, and manage users from the same spot.” Enogieru Osagie Marvellous, IT Head at LARDI.
Oradian is a Software-as-a-Service (SaaS) company serving financial institutions in remote, hard-to-reach communities. Using insights from its community of customers, Oradian builds a cloud-based platform that smart financial institutions use to access best practice and efficiency.
