Fintech: Shared SACCO Solutions

The social and economic contributions of the MFI & SACCO sector in the region cannot be overstated.  Through the growth of member savings and access to credit facilities, MFI & Saccos have continued uplifting the general wellbeing of their members. In the recent years, MFIS & SACCOs have embraced financial technology solutions such as ATMs, Debit Cards and m-Banking to enhance service delivery to their members. The regulatory requirements and best industry practices that govern these services mean the institutions must effectively automate their operations to be compliant and competitive.

Fintech an ISO.9001.2008 certified company boasts of unparalleled automation expertise and experience for SACCOs, MFI and other auxiliary financial institutions. Fintech through DIT (Data integration Technologies) a software development unit of the group have developed a state of the art financial solution called FINFINANCIALS which is an enterprise system to manage end-to-end requirements of a financial institution.  Finfinancials system is highly customisable hence compatible with most of the regulatory and in-house reporting. The application enables single member view, front office, back office operations, channel banking (ATM, POS, Mobile and Internet Banking, Mobile Money such as M-Pesa, Airtel Money, Tigo Pesa, eco cash etc interfaces), security, and Customer Relationship Management.

The customer/members dynamic needs and the quest by the financial institutions to automate their operations has led to an increased demand in robust and integrated systems therefore. Fintech is currently engaged in providing Finfinancials system on shared platform model i.e. (Software As A Service – SaaS) this model has worked successfully in Kenya and is now being rolled out to various countries in Africa through the umbrella associations and governments. The SaaS model commonly referred to as “the cloud” only requires a stable internet connection therefore the institutions do not need to invest in hardware, infrastructure or licenses to run the application. There is neither maintenance fees nor I.T staff for the application but the institutions are assured of access to up-to-date versions of the application.

Some of Fintech’ success stories include the establishment of a shared ATM switch network in Kenya, Zimbabwe and Zambia with Kenya having the largest network popularly called Kenswitch.

Fintech IT solutions and services enable Sacco’s grow their member numbers, offer more products, reduce time to market for new products, improved governance/controls/reporting and improved service delivery to members by providing real time 24/7 services through ATM’s, POS, Mobile and Internet banking. These solutions are offered as outright purchase and also as a hosted/subscription model thereby reducing initial capital outlay required in outright purchase.

Fintech is collaborating with world leading IT vendors including Oracle, Broadridge, Interactive Intelligence, Imperva, Pfortner, Microsoft and IBM to provide holistic solutions to the clients.  The third party solutions complement Finfinancials

In Fintech “we provide our Clients with the most Effective solutions to empower them better serve their Customers” and “Our passion is to be true “system integrators “we bridge the gap between business and technology”