TMCnet News
Firm Introduces Software for Bank Lending(AllAfrica Via Acquire Media NewsEdge) Indian banking and financial services software firm, Nucleus Software Exports has rolled out a new credit and loan system that will enable banks in Nigeria and other African countries to improve their lending capabilities. The software would also enable the financial institutions to implement robust and effective processes and procedures. A statement at the weekend revealed that the company is working with Johannesburg-based for this purpose. Between 2008 and 2009, the Nigerian financial sector was saddled with huge sum of non-performing loans culminating in the capital erosion in some banks. This led to the creation of the Asset Management Corporation of Nigeria (AMCON) in 2011 in order to resolve the industry's non-performing loans and enhance the availability of credit to the critical sectors of the economy. Nucleus Software's Chief Executive Officer, Vishnu Dusad, explained: "The FinnOne lending solution will enhance and improve any credit process, including portfolio management and collections that will ensure achievement of operational efficiencies and a reduction of operational losses. "With more than 22 customers in eight countries across Africa, Nucleus Software has a long term focus on the vibrant, growing African banking market." Nucleus currently works in Kenya, Nigeria, South Africa, Zambia, Zimbabwe, Mauritius, Tanzania and Egypt. The firm is listed on the National Stock Exchange and Bombay Stock Exchange in India. Also, the chief executive officer of Ubank, Luthando Vutula, whose community bank and loan provider had implemented the software said: "Ubank has a history of providing basic financial services to select mining and rural communities for almost 40 years, and in the last few years we have expanded operations to a few metropolitan communities as well." Copyright This Day. Distributed by AllAfrica Global Media (allAfrica.com). |