MFI Plans to Install New System
A request for proposal (RFP) for a new core banking system was recently made by Finca Impact Finance Tajikistan, part of the microfinance group Finca Impact Finance. The company is looking for a system that will meet its requirements as a microfinance institution (MFI) while also considering that it may eventually evolve into being a commercial bank. Additionally, the system should offer improved efficiency in operations, including comprehensive reporting and fast deployment of new features. This banking system is to replace Flexcube by Oracle FSS, the current system which was installed in 2013.
Pushing for Standardization
Rupert Scofield, founder, CEO and president of Finca International was interviewed by FinTech Futures in 2016. At this time Scofield’s objective was to standardize operations across the group with a single system installed across the globe. The project was only partially completed as he was met with resistance from some areas of the company because they preferred working with local vendors and wanted cheaper systems. This resulted in the Finca Impact Finance group using a variety of core banking systems, often developed by local companies. The group comprises of 20 MFIs throughout Africa, Asia, Latin America and the Caribbean who use systems such as Neptune Software in several African areas, Autobanker in Pakistan and Cobiscorp’s Cobis in Ecuador.
Building the Future for the Poor
Finca Impact Finance Tajikistan was launched in 2003 and is responsible for providing low-income entrepreneurs, SMEs and agricultural businesses with access to finance. The company’s goal is to create jobs and to help support self-employed people by offering loans to individuals and businesses as well as financial products like savings and current accounts, currency exchange and money transfer services from 23 locations across the country. Finca Impact Finance Tajikistan’s strategy is to provide financial empowerment and support to the poor in rural areas.
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