The platform unlocks the potential to onboard more than 400 financial institutions and accelerates financial inclusion in the country
Lagos, Nigeria – December 6th, 2018, BICS, an ICT company with a mandate to deepen financial inclusion in Nigeria, and Software Group, a global technology company with African headquarters in Kenya, launched a multi-tenant Agency Banking Platform to accelerate operations on the Nigerian market.
The solution will allow BICS to reach more of the unbanked population of the country and expand its customer base by onboarding associations and apex bodies. The platform unlocks the potential to reach more than 400 financial institutions in Nigeria which can be on-boarded gradually and enable them to achieve their financial inclusion objectives. The strategic goal of BICS is to provide cost-efficient technology to the organizations which can be used on a subscription basis. The solution will enable the organizations to perform operations such as account opening, bills payments, cash-in, cash-out, ATM services, fund transfers, balance inquiries, etc.
BICS targets the unbanked and under-banked customers in semi-urban areas of Nigeria. A part of the company’s development plan is to open regional training centers that will offer courses on financial inclusion and digitization to bridge the knowledge gap identified within the market.
“According to research by the Central Bank of Nigeria, the country’s unbanked population currently stands at 37% and the plan is to reduce it to 20% by 2020. We are happy to contribute to this process and support financial institutions in Nigeria to reach these targets by providing innovative technology”, commented Kalin Radev, CEO of Software Group.
“By building a micro-enterprise network, we will support the economic empowerment of people and communities, taking them from poverty to purpose” – Prince Shaka Momoh, Executive Chairman BICS.
BICS Limited as a Nigerian Company commenced operations in 2006 with a clear objective of providing ICT services aimed at accelerating Financial Inclusion in Nigeria through capacity building and deployment of technology. The mission is to provide an eco-system comprising technology, transaction infrastructure, and training; built around strong partnerships. BICS is Software Group’s sole technology partner in Nigeria and through this synergy will deliver financial services to remote locations in Nigeria, resulting in the economic empowerment of its people and communities.
About Software Group
Software Group is a global technology company specialized in delivery channel and integration solutions for institutions that provide financial services. Founded in 2009 and headquartered in Sofia, Bulgaria, it currently serves a worldwide client base from 9 main regional offices located in Australia, Bulgaria, Egypt, Ghana, India, Kenya, Mexico, the Philippines, and the USA. Software Group helps financial service providers digitize their business and successfully go through the process of digital transformation, extend their outreach and improve operational efficiency. Over the years the company has built a successful track record of more than 450 integration and delivery channels projects in over 65 countries. Software Group provides solutions for alternative delivery channels such as mWallet, Digital Field Application, Agency Banking, Internet Banking, Payment Switch, Enterprise Integration Platform, and others.