The National Association of Microfinance Banks Unified IT Platform [NAMBUIT], a core banking solution, when completed would link all the Microfinance Banks [MFBs] in Nigeria to the platform of Nigeria Inter Bank Settlement System [NIBSS] so that the MFBs can engage the cash deposit banks in a seamless transaction.
“One component of this project is that when we complete the core banking, we would connect the MFBs to the Nigerian Inter Bank Settlement Systems [NIBSS] so that these banks could interface with the commercial banks.
“Aside this feature, the NAMBUIT would incorporate business intelligence tools for reporting so that the MFBs would start transacting and switching among themselves”.
According to the Managing Director of Inlaks, the IT company implementing the NAMBUIT project, Femi Adeoti, the first phase of the project comprised three major components.
The core banking solution to be deployed, he said, would enable the MFBs to work efficiently, as the case with the commercial banks. “What we have discovered with the MFBs is that these banks use all sorts of solutions that are not in vague. Some of these banks use Microsoft excel, manual operations etc and these cannot be scaled.
Therefore, the core objective of NAMBUIT project would be to provide the MFBs with a globally rate banking solutions, T24.
“We would also deploy agency banking application. This means these banks are not limited to their laptops. We would deliver all sorts of applications that the commercial banks are using”, he said.