An enigmatic achievement, one that would comprehensively align all facets of microfinance banking operations to produce unparalleled customer service delivery without the attendant operational bottlenecks has been developed in Nigeria.
Nigeria CommunicationsWeek gathered that the breakthrough already seen as technology elixir is SymbolsM, a systems administration, customer information system, general ledger, customer accounting, teller operations/front office, credit management/loans, investment management and treasury, internet based customer service delivery and fixed asset management solution, among others.
Microfinance is modeled to promote rural development through the provision of finance and banking services, enhance rapid development of productive activities especially rural areas, improve the economic status of small scale producers both in the rural and urban areas.
Microfinance bank, arguably the most innovative strategy to address the problems of global poverty has however been caught in the web out of date banking practice, scarcity and restrictive access to loanable funds.
Nigeria CommunicationsWeek investigations revealed that SymbolsM, would help Microfinance banks overcome these obstacles and that of scalability, sustainability and attain financial self-sufficiency.
Credited to Progenics Corps Limited, a total solutions provider that has serviced the financial sector of the economy for many years with software solutions, the optional modules of Symbols are applicable to the three variants and could be combined in image management, credit management/loans, investment management/treasury, internet based customer service delivery, fixed asset management and asset management.
SymbolsM
The solutions has in-built modules that interface seamlessly together including system administration, customer information system, general ledger, front office, demand deposits, loans management, treasury/money market and image management.
Other software features are the ability to record meeting attendance and savings/credit account transactions, and to exchange data with the central bank office.
Progenics has also provided software and solutions to organisations including its flagship product Symbols: Investment & Stockbroking solutions implemented and in use in several sites across Nigeria as well as Nigerian Stock Exchange.
, an affordable solution is easily a strategic asset for microfinance banks at every stage of their business circle and replacement for manual operations by most microfinance institutions.