Information and Communications Technology and Financial services stakeholders have lauded the launch of Symbols Microfinance application by Progenics Corp Limited.
Dr. Emmanuel Ekuwem, president, Association of Telecommunications Companies of Nigeria (Atcon) said at the official launch of the application in Lagos that SymbolsM is a clear demonstration of capability of local software developers to develop applications that are of international standard. He urged Microfinance banks to patronize SymbolsM as the Progenics is well equipped to support the application effectively, which it has demonstrated in its other applications in stock broking and investments.
He noted that the much talked about vision 2020 will not be realized with local content development especially in ICT which SymbolsM has proven.
Mr. Ayo Olushola, managing director, MoneyCom Microfinance bank, outlined qualities expected of any software for Microfinance banks, these include cost effectiveness, scalability, available support, adaptability, flexibility and continuity of the company providing the solution.
All these, he said SymbolsM has met as his bank is a proof to attest to the success of the application. He noted that most organizations in the country has lost huge amount of money looking for support of their solution outside the shores of Nigeria.
Senator, Nkechi Nwogu, chairman Senate committee on Banking, Insurance and other financial services said Nigeria’s Microfinance market worth $6 billion and expected to rise to $9 billion, while global Microfinance market worth $17 billion.
She decried absence of legal backing to Microfinance policy which requires state and local governments to set aside 1% of their annual budget for development of Microfinance banks within their locality.
Earlier in a speech, Mr. Tony Udoh said the challenge for Microfinance institutes is to find core banking software that have been tested because they cannot afford to invent new technology modules.
"In order to have consolidated data that is timely, speedily and regularly available, Microfinance banks require well-developed technology software that will enable them analyze their loan portfolio and disseminate information efficiently and consolidate their loans. Once micro loan details are stored in an electronic format, the costs can be combined into a larger loan that can be bought by a larger bank or securitized to capital markets, thereby providing a much-needed supply of capital to Microfinance banks," he explained.
He said these features and a lot more are offering from Symbols Banking Application. Adding that SymbolsM is a comprehensive and integrated microfinance application that is aligned to all facets of banking operations to produce unparalleled customer service delivery without the attendant operational bottlenecks.
