FINCA MICROFINANCE BANK, NIGERIA
In the Nigerian Market, FINCA’s motto was to become “the unconventional bank” that would deliver responsible banking services to its clients. The prime focus of this microfinance bank was to refine key aspect of its business from physical and organizational infrastructure to focus on
customer centricity. FINCA NIGERIA firmly believed calling in such changes would result in strong and sustained growth in portfolio and customer outreach.
FINCA NIGERIA has implemented Oracle’s FLEXCUBE core banking solution to increase client accessibility to their financial services and to effectively reach out to different market segment that were earlier difficult to penetrate.
However, FINCA NIGERIA decided to replace its core banking software and started looking for new core solution providers. Numerous top companies were considered and finally Neptune’s Orbit-R was chosen because the product has the right technical features that would lead FINCA NIGERIA’s business operations.
Neptune Software Group
Neptune Software Group is a London based core banking solution provider who has almost two-decades of successful experience in the core banking field. Serving end-to end solutions to more than 80+ financial institutions including retail banks, commercial banks, industrial banks, and microfinance organizations, Neptune has continued to provide highly scalable and technically updated solutions real quick. At present, Neptune Software Group is making the right business moves to expand its client base across the globe.
Founded in 1999 in London, Neptune Software Group has more than 45+ deployments across 14+ countries and 3 continents. Flex cube had certain limitations and Neptune’s Orbit-R was able to offer better solution to address the needs of FINCA Nigeria. Plus, Neptune was ready to customize the product for FINCA Nigeria’s needs. This made FINCA Nigeria chose Neptune’s Orbit-R to provide a comprehensive microfinance solution.
Benefits Experienced by the customer after Implementation of Orbit-R
Orbit-R has Improved EOD
System Accessibility: Orbit-R has rich UI that makes system access easy and fast, on flex cube users must go through terminal to access the core.
Access to Multiple Windows: Orbit-R allows multiple window display, switching between the work becomes fast and seamless.
Improved Controls: Audit Trail, pending transaction can be viewed, User access Control.
Robust Credit Management Module: Orbit-R provides the option to withhold disbursement until customer is ready without calculating accruals.
Flexible and Robust: Workflow that can be configured to adopt policies and procedures easily.
No downtime, even if servers are shut down abrupt, the user can reboot and start WebLogic.
Orbit-R provides access to various E-channels.
User Friendly: On flex cube, it’s difficult to operate if you are not familiar with codes and forms, but Orbit-R comes with easy to use interfaces, providing seamless experience even to the novice user.
Business Challenge
- FINCA NIGERIA’s major concern with Flex Cube was long EOD.
- When on power outage, the server has to be reboot and web logic can be restarted without technical engineer dependency.
- With Flexcube CBS, FINCA Nigeria was having long EOD that lead to many issues. But In Orbit-R , EOD runs for less than 1.15hours. hence,the issue with long EOD is sorted with relative ease.
- The user had to be dependent on Flex cube consultants to restore the system. With Orbit-R core banking solution, user can reboot, and web logic can be restarted with technical engineer dependency.
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