Inlaks, a system integrator in sub-Saharan Africa, has been appointed as the implementation partner to host NIRSAL National MFB on the National Association of Microfinance Banks Unified IT (NAMBUIT) platform, which is deployed for the microfinance banks.
The NIRSAL National MFB is an initiative of the Central Bank of Nigeria (CBN), in collaboration with other major stakeholders like the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL), and the Nigerian Postal Service (NIPOST). The purpose of the bank is to compliment the efforts of the CBN towards addressing the needs of Nigerians at the bottom of the pyramid, and deepen financial inclusion.
The NIRSAL National MFB will commence operation with 10 take-off branches this month, and then expand branch operations to all 774 local governments of the federation. All NIPOST outlets nationwide will eventually be used as branches for the bank, in addition to other branchless innovations from Inlaks. This is to enable the new bank achieve the required speed in reaching out to Nigerians in rural areas.
Managing Director, Africa Operations at Inlaks, Femi Adeoti, explained that the unified platform comprises a core banking system and sub-systems for agent banking, non-interest banking, and mobile payment among other services. Adeoti said: “NAMBUIT is Software as a Service (SaaS) platform and will drive the operations of the proposed National MFB in a way to reduce operational costs as well as improve the Bank’s ability to provide necessary information to agencies such as CBN and NDIC.
The Nigeria Police Force (NPF) Microfinance Bank (NPFMFB) with 28 Branches across the country is another nationally-rated MFB already live on the platform, while 50 others spread all over the country have also been on boarded.
The NAMBUIT platform runs on Temenos T24 Inclusive Banking System (IBS), and implementation is being managed by Inlaks in accordance with global best practices, with support from the CBN. The platform has also been integrated into the Nigeria Inter-Bank Settlement System (NIBSS) platform.
He said a core benefit of the NAMBUIT platform is the smooth on-boarding of the microfinance banks (MFBs) into the national payment system thus enabling the MFBs to lower their operating costs significantly.