New central MIS and CORE banking platform to be launched for the micro-finance industry in April 2017
PureSoftware, a leading software consulting and IT services company, today announced that it has been selected by Nepal Finsoft Limited for Central MIS and Core Banking Platform for the Microfinance Industry in Nepal.
This arrangement would provide Microfinance Institutions (MFIs) and Co-operatives in Nepal access to the facilities of a world-class core banking and Management Information System (MIS) solutions platform at low cost.
A group of thirty-four Nepalese microfinance institutions have jointly invested to form Nepal Finsoft Limited, an IT company, to make the platform possible. The initiative has been made possible by the work of the Nepal Microfinance Banks Association (NMBA) with technical assistance as well as Challenge Funding support from UKaid Sakchyam Access to Finance programme.
A signing event took place at Sakchyam’s Chundevi office to formally announce plans for the system. Nepal Finsoft Limited is procuring the IT system from Puresoftware Limited and the system is expected to go live in April 2017.
Individual MFIs have been using a different software to meet the needs of regulators. Such software have several inadequacies, leading to the institutions’ staff not having critical information readily available. The launch of this platform will allow uniformity in information, leading to increased efficiency and capacity to serve clients for MFIs. It will also lower overall costs as the price of the infrastructure is being shared by participating MFIs. For their clients – amongst them hundreds of thousands of poor Nepalese in rural villages– this means better, efficient services for lower prices.
The platform will have a centralized system hosted at Nepal Finsoft Limited as a Shared Access Platform that subscribing institutions can connect to online, via desktops, laptops and even tablets. A single system license and a central server system will be obtained by Nepal Finsoft. There is also a provision for a Disaster Recovery Site, a facility that was absent. Additionally, the system data will be protected through a security system.
Mr. Yuvraj Thapa, CEO, Nepal Finsoft Limited said, “The launch of this platform will add tremendous value to the work of Nepali MFIs. As this is the first time that such a platform is being launched in Nepal, it is sure to encourage industry stakeholders to come up with other innovative solutions for present challenges. I want to thank Sakchyam for their assistance in this and look forward to working on this together.”
Mr. Dharma Raj Pandey, Chairman, NMBA said, “We started work on this platform a while ago and are happy to be announcing the beginning of this important journey for Nepal’s financial sector. The launch of this platform will add much productivity and efficiency to the work of MFIs.”
Mr. Ramchandra Joshi, Chairman, Nepal Finsoft Limited said, “This is an initiative that will affect the lives of millions in Nepal, improving services and the value attached to it. We are extremely pleased to be launching this core banking and MIS system solutions platform today.”
Mr. Anil Baid, President and CSO, Puresoftware Limited said, “Puresoftware is happy to be using its technical expertise to launch a platform that will affect so many lives for the better. It is a challenge for us too and we look forward to doing the best we can for the collective.”
Mr. Baljit Vohra, Team Leader, Sakchyam said, “We are very excited for this new initiative and are confident in the capability of Nepal Finsoft, Puresoftware and the partner MFIs in launching a truly modern platform that will touch the lives of millions of Nepalese and truly bring about transformative change in the microfinance industry. It will particularly lower costs for the end beneficiaries and provide them with better and more efficient services.”
Sakchyam is an access to finance programme funded by UKaid. It is being implemented by Louis Berger for DFID Nepal in partnership with local and international institutions.
Pure Software, CMM Level 4 certified, is a leading software consulting and IT services organization with a global presence. PureSoftware with its well-defined process, talent pool and experience has been able to provide accelerated growth to businesses in key verticals including Financial Services, Life Sciences, Hi-Tech, Telecom, and Gaming. PureSoftware as a technology partner has been able to achieve this by optimizing client’s software investments and by managing their critical business processes, to reduce the total cost of software ownership.
- Unlock the potential of harmonized physical and digital channels in retail banking
- The Australian casino gaming industry is moving forward with the use of digital wallets and mobile payments.
- 5 reasons facial recognition tech is good for payments authentication
- Protect your bank against the 4 most common cyberattacks with Smart Onboarding
- Top AI use cases in Lending that Banks must know