CWG, MTN Out with Micro-Banking Software

CWG, MTN Out with Micro-Banking SoftwareMTN Business, in collaboration with ExpertEdge, the software division of the Pan African ICT Company, Computer Warehouse Group Limited (CWG), has successfully launched MTN Xaas a Micro-banking Software as a Service recently in Lagos.


 The ceremony saw participants from the stakeholders; Central Bank of Nigeria and National Association of Microfinance Banks (NAMB) and it was an opportunity to enlighten the participants on the importance and benefits of MTN Xaas.

 
MTN Xaas is a cost-efficient cloud-based solution that enables microfinance banks to carry out banking operations and inter-bank collaboration, via internet access, without having to deal with the costs and complexities that ordinarily follow direct ownership of applications/platform.


Addressing the participants, Babatunde Osho, chief enterprise solution officer, MTN noted that the partnership with Computer Warehouse Group in this regard is to device a technology that will meet the needs of unbanked and financially underserved Nigerians.


 “At MTN Business, we explore opportunities to use technology and our unique capability in this market to the value of business across the industry. We look at each vertical individually to see how we can use our capability to value technology and to start to make changes on how they do business in Nigeria, fundamentally improving customer experience and adding value not only to the business but to Nigeria as a country” He said.

According to Austin Okere, the group chief executive officer, Computer Warehouse Group, partnering is viewed as “demystifying the exclusive club” in other words; enabling so many people to have access to technology for competitive advantage. This is exactly what CWG and MTN will achieve with the solution we are launching today.


 He further explained that instead of having a few banks being able to afford expensive technology for their exclusive competitive advantage, CWG and MTN are commoditising and making it affordable to the Small and Medium-sized Enterprises (SMEs) as well, to be able to compete effectively. We will give them an affordable platform through cloud computing that does not needlessly tie down their capital in expensive IT infrastructure, nor does it eat into their OPEX cost, since they shall not have to maintain an expensive IT Department.


In his words “ this is the beginning of so many things we are going to do together with MTN; we are going to look at Hospitals, Hotels, Insurance and all those who are locked out of being able to provide competitive services due to IT deficiency. CWG and MTN will break the barrier”


Adedeji Adesemoye who represented the deputy governor, Central Bank of Nigeria (CBN) expressed CBN’s appreciation for the partnership between CWG and MTN to develop this technology for Microfinance Banking.


According to him, it has been CBN’s burning desire to establish a unified technology platform for Microfinance Banks that will foster productivity, profitability, transparency, speedy remittance of returns and quality data while reducing cost of purchasing IT infrastructure and annual maintenance.


He further affirmed that the solution is welcomed by the institution as it comprises the key benefits and functionalities expected from CBN. “The only IT infrastructure required of the user is the laptop or desktop, the cost of maintenance every three years will be a thing of the past and it creates accessibility between the User, Service provider and the Regulator. Hence supervisory structure that will enhance transparency is assured.” He asserted.


Jethro Akun, president of Nigeria Association of Microfinance Bank (NAMB), enlightened the participants on the relevance of technology in microfinance banking.


According to him it is the association’s mission to be an internationally respected industry representative of Nigerian Microfinance Banks by stimulating innovative and sustainable microfinance practices that guarantee financial inclusion and wealth creation for the economically active poor with the vision to be the catalyst for a vibrant microfinance industry in Nigeria which about 800 rural areas are benefiting from the services of microfinance banks in Nigeria.


Jethro noted that Technology is very critical for microfinance banks and institutions because it gives opportunity for reducing the cost of delivery and process management besides bridging the gap and brings prosperity in the operation. “NAMB appreciates this unique initiative from CWG and MTN”. He reiterated.


The Computer Warehouse Group is Sub-Saharan Africa’s largest Systems Integration Company, and the fastest growing in Africa. The impact of the Computer Warehouse Group and her founder CEO, Austin Okere, on the African IT industry cannot be overemphasized.


Just recently, the company was ranked among the top 50 Technology Companies in West Africa. CWG also bagged the Award of the ICT Company of the year by Technology Africa.


With an annual turnover of over $120m and staff compliment of 650 across Africa; in Nigeria, Ghana, Uganda and Cameroon, Okere and CWG have contributed immensely not only in the IT industry but in Africa as a continent.


MTN is the largest telecom company in Africa with over 34m subscribers in Nigeria. Partnering with CWG to deliver this service, MTN XaaS will no doubt deliver a world class solution that will empower and strengthen Microfinance Banks and other SMEs in Nigeria who have hitherto not been able to deliver competitive services as a result of Technology inadequacy.