MTN introduces new software for Microfinance Banks

As part of  efforts to improve microfinance banking in Nigeria, MTN has introduced an innovative micro-bank software called  MTN XaaS, for microfinance banks.

The software, which is developed in partnership with Computer Warehouse Group (CWG), will be  managed by MTN Business, the business-to-business division of MTN Nigeria, under the MTN Cloud Services platform.

According to the company,  MTN XaaS Micro-banking software, as a service platform, has been designed to enable micro-finance banks (MFBs) carry out banking operations without having to pay so much in licensing, storage and implementation costs required for typical banking applications.

Speaking on the development, CEO, MTN Nigeria, Brett Goschen, reiterated MTN Nigeria’s commitment to delivering solutions that would make Nigerian businesses more productive and more profitable.

Chief Enterprise Solutions officer (CESO), MTN Nigeria, Babatunde Osho, said MTN XaaS Micro-banking software as a service is just one of a number of cloud services MTN Business is launching in Nigeria.

“Today’s Technology has made it possible for us to deliver robust cloud services direct to our customers via public or private connections without the need for storage, licensing and infrastructural concerns,” he added.

Osho added that micro-finance banks can access these services from anywhere via a secure private or public connection.  The banking platform, he noted is actually hosted in MTN’s state-of-the-art data centre so the only investment the bank makes in the form of hardware are the laptops and desktops that will be used to access the platform.

He noted  that MTN understands the need for MFBs to remain cost-effective while delivering innovative services to the nation’s unbanked poor and financially underserved. MTN believes this new service platform will save microfinance banks up to 70 percent of the traditional costs involved in procuring, hosting and implementing typical banking software today.

MTN XaaS, the CESO reiterated, by design, can be implemented within a short period of time and without attendant costs, such as OS/application licence fees, data centre setup, servers as well as extensive in-house IT expertise.

Group Managing Director, CWG, Austin Okere, said it is a pleasure partnering with MTN Business to deliver this service that will enable microfinance banks increase productivity and improve customer service while remaining cost-effective.