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MTN Nigeria Business Boosts Drive for Financial Inclusion

MTN Business, the business-to-business unit of MTN Nigeria, has urged Microfinance Institutions (MFIs), to embrace cost-effective and operationally efficient solutions in the management of their businesses in a bid to boost their operations of helping them to reach out to the country’s unbanked and financially underserved population.
This formed the focus of a recently held MTN Business forum, organised in Lagos, with the theme: MTN XaaS – Helping MFIs Drive Financial Inclusion.
Speaking at the forum, the Acting Chief Enterprise Solutions Officer, MTN Nigeria, Mr. Tsola Barrow, who was represented by Senior Manager, Enterprise Marketing, Mr. Olutayo Egunjobi, said that technology “has become a key differentiator and enabler for businesses”, adding that the MTN XaaS Micro-Banking Software-as-a-Service solution was introduced to take the operations of MFIs to another level.
According to him, the idea was to provide a highly secure, cloud-based solution that, by design, could be implemented within a short time without licensing or setup costs.
“MTN Business is committed to delivering value and driving business growth in Nigeria through tailor-made, productivity-enhancing solutions. We also recognise that microfinance banks provide a huge funding platform for SMEs. Thus, enhancing the service delivery of these banks makes access to funds easier for SMEs, ultimately impacting positively on the economy,” Barrow added.
However, the Managing Director of MBA Microfinance Bank Limited, Mr. Bode Ajayi, described MTN XaaS as very fast and as the best of all the software solutions he had used till date.
Ajayi also said that the solution provided remote access and authorization to carry out transactions from anywhere via a secure private or public connection.
“I really feel good knowing that I can login from anywhere in the world and query transactions being done in Nigeria. It gives me a sense of control and authority,” he noted.
MTN XaaS was launched in 2012, in collaboration with Computer Warehouse Group (CWG) Plc.
It offers a range of cloud-based services designed to provide server, software, storage and security benefits over a secure internet connection without any of the associated IT infrastructure costs.
With this Solution, MFIs in Nigeria can avoid tying down huge capital in expensive ICT infrastructure since the service is offered on a subscription model.
MTN XaaS provides, in addition standard banking applications in the form of Core Modules and Value Added Services that include: Customer Services, Credit Risk Management, Fixed Deposit, Cheque Book Management, Cheque Clearing, Authorisation, Interests and Charges, Fixed Asset Depreciation, Reports and Electronic Financial Analysis Surveillance System (EFASS).

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