E-Financial
Nisir Microfinance Institution Goes Live in 70 Days on ICS BANKS
Nisir Microfinance Institution (Nisir MFI), an innovative and growing microfinance institution in Ethiopia, has successfully gone live, in a record time of 70 days, on ICS BANKS from ICS Financial Systems Limited (ICSFS), the global software and services provider for banks and financial institutions.
Established in 2014, to provide loans for small and medium enterprises (SME), Nisir MFI started its operations using the core banking with six branches and a headquarter located at Dembel City Center.
To reach a majority of the public and meet customers’ increasing demands, Nisir MFI decided to stop using its outdated legacy technologies and planned to deploy modern financial software solutions to become more accessible.
Nisir MFI successfully went live on 01st May 2021 , in a record time of 70 days . Nisir MFI testified for ICS BANKS Microfinance’s cost-effectiveness, flexibility, and user-friendly lending software solution, which is suitable for any MFI.
With its customised MIS capabilities, BI functions, and easy tracking methods, Nisir MFI is now able to track the workflow of the loan process at any level, and any time, and can request reports, enquiries, and advices receipts for each loan process, with full detailed information on the loan settlement transaction.
Mr. Dawit Wakgari, Chief Executive Officer of Nisir MFI, said: “This is a pivotal time for MFI in Ethiopia, where they are gaining wider attention in the region. To stand out from the rest, we have decided to drop our legacy system and start using an innovative and future-proofed system that provides Digital Banking trends for our future growth.
“This is where ICSFS won our trust, after the deployment of ICS BANKS Microfinance Solution, we have seen positive results, including a massive increase in the speed of our full processes, which resulted in fulfilling our customers’ requirements on time.
“Our productivity and efficiency have increased tremendously, and have now the ability to provide new products and services to customers quickly and easily. We are very proud of the success and record time of this full turnkey project. ICSFS’s team made the seamless migration and implementation very easy and smooth.”
Robert Hazboun, Managing Director at ICSFS said; “We are honoured to have Nisir Microfinance Institution as our first live Microfinance reference in Ethiopia. ICS BANKS Microfinance solution showed off its advanced technology accompanied by its out-of-the-box functionalities, swift and seamless implementation, and bespoke solutions that are tailored to Nisir Microfinance Institution’s specific needs.
“Our team of professionals is always on top of the game, as the pandemic did not stop us from scoring one of the highest record time of 90 days in microfinance migration and implementation projects.”
ICSFS invests in its software suites by utilising modern technology in launching new products, constructing a secured and agile integration, and keeping pace with new standards and regulations worldwide.
ICS BANKS software suites future-proof banking activities by providing a broad range of features and capabilities with more agility and flexibility, to enrich customers’ journey experience, hence improving the trust and confidentiality between the customer and the bank.
ICS BANKS has always been a pioneer in utilising the latest technology to serve financial institutions. In addition to its embedded Service-Oriented-Architecture (SOA), the system can be deployed on-premises or on the cloud.
E-Financial
Africa Processed 49Bn Transactions in 2023 – SIIPS Report
The SIIPS Report which offers valuable insights into the opportunities and challenges facing Africa’s digital payment systems has said that 2023 was a landmark year, with 49 billion transactions processed across the continent—the highest volume recorded to date.
This staggering number underscores a broader trend: the shift towards digital, fast, and efficient payments is becoming a cornerstone of Africa’s economic growth.
The SIIPS Report 2024, launched in Accra on Thursday, showcases the remarkable growth of Instant Payment Systems (IPS) across Africa, emphasizing their role in advancing financial inclusion.
With 31 operational IPS in 26 countries and another 27 on the way, the report reveals a 37% growth in transaction volume over five years.
While digital payment adoption surges, barriers remain for vulnerable groups, especially women, who face security and fraud concerns.
Despite progress, no system has fully achieved inclusive access, affordability, or transparency.
The report emphasizes the need for collective efforts to expand IPS, particularly in rural areas, to ensure universal financial inclusion by 2030.
Supported by partners like the World Bank and UNECA, the SIIPS Report offers valuable insights into the opportunities and challenges facing Africa’s digital payment systems, calling for innovation and regulatory support to achieve seamless, cross-border payments across the continent.
More importantly, the total value transacted surged at a remarkable average annual growth rate of 39% from 2019 to 2023, reaching over $1 trillion last year.
Such figures highlight Africa’s increasing reliance on digital financial systems and indicate a seismic shift in how money moves.
E-Financial
CBN Issues Scam Alert, Warns of Fake SWIFT Messages Linked to Transfer Claim
Central Bank of Nigeria (CBN) has advised bank customers to be cautious about the use of fake SWIFT messages during foreign exchange (FX) remittances.
SWIFT messages are sent through the Society for Worldwide Interbank Financial Telecommunication network to facilitate financial transactions between banks and financial institutions.
The CBN gave the warning in a statement signed by Hakama Sidi-Ali, acting director of corporate communications department, on Tuesday in Abuja.
The apex bank said it had been inundated with claims by some stakeholders about the conclusion of foreign currency transfer to their Nigeria bank accounts.
According to Sidi Ali, stakeholders like private entities, individuals, law firms, and government agencies complained that foreign currency funds allegedly transferred to them by foreign entities have yet to be credited to their accounts with Nigerian banks.
“In some instances, the claimants alleged that the funds were withheld by either the beneficiary bank in Nigeria or the CBN and requested assistance towards releasing the funds to them,” She said.
“The requests are usually supported with fake documents such as SWIFT MT103, SWIFT Ack copy, etc.
“It has become imperative to state that the SWIFT ack copy and SWIFT MT103 that these claimants usually attach as evidence of remittance to beneficiary banks in Nigeria are not reliable.”
Sidi Ali added that the SWIFT messages are always not traceable on the SWIFT platform and the funds are not received to enable their application to the beneficiary’s account.
“In a situation where a fund transfer beneficiary receiving bank claims non-receipt of funds remitted by the foreign entity, the standard practice is for the sending customer to contact the sending bank.
“The purpose for the sending bank to send a tracer to trace where the fund is hanging and recall it.
“For the avoidance of doubt, we wish to state emphatically that the CBN neither provides correspondent banking services for Nigerian banks in foreign payments nor maintains accounts for private business entities.
“Consequently, petitioners’ claim that the alleged expected inflows for onward credit into the accounts of private business entities are trapped in the CBN is not only spurious but deceitful.”
The CBN spokesperson urged the general public to be careful with such unauthentic SWIFT messages and documents containing spurious claims of non-application of substantial foreign currency funds allegedly transferred into the beneficiary’s account.
She also warned that the CBN would not hesitate to report any bank customer making unsubstantiated and illegitimate claims to law enforcement agencies for investigation and prosecution.
E-Financial
FG to Establish National Youth Development Bank to Support Young Nigerians
Federal Government is to establish a National Youth Development Bank and a Youth Data Bank, according to President Bola Tinubu.
President Bola Tinubu, represented by Kashim Shettima, his vice, , disclosed this at a Stakeholders Roundtable on Northern Youth Development organised by the Sir Ahmadu Bello Memorial Foundation, in Abuja.
The President described the banks as crucial tools for “providing financial and informational support to young Nigerians.”
He said since assumption of office, his administration unveiled a comprehensive youth development strategy spanning multiple key sectors to drive Nigeria’s economic transformation.
Tinubu extolled the legacy of the late Sardauna of Sokoto and former Premier of Northern Nigeria, Ahmadu Bello
” The late Sir Ahmadu Bello, the Sardauna of Sokoto, was one of the towering giants on whose shoulders we have ascended as a nation.
” His vision was clear: the North cannot progress in isolation, and Nigeria cannot prosper unless every part of this nation thrives,” he said.
Tinubu declared that the development of Northern Nigeria remains fundamental to the nation’s prosperity.
According to him, “whatever disrupts the growth of one region sets back the entire nation.
“For far too long, we have been taunted as a nation with the most children out of school—a reality that should not elicit pride but provoke urgent action.
“This alarming statistic has turned the promise of our population into a challenge rather than the dividend it ought to be,” he added.
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