Adibeli brings 15 years of experience working with microfinance banks, cooperatives societies and Saccos, including six years as head of IT at one of the largest microfinance institutions in Africa. As Oradian’s Programme Director for Africa, he oversees Oradian’s operations in Africa and leads expansion in West and East Africa while growing customers. He highlights Oradian’s commitment to addressing financial inclusion challenges in Nigeria.
FT AFRICA: Nigeria was Oradian’s first market when you started six years ago. How have your fared in the market? Could you list some of your achievements and challenges?
Onyeka: Nigeria was our first market and we are committed to continue solving the challenge of financial inclusion here. In Nigeria, new technology has enabled microfinance institutions to scale up their business, which wasn’t possible before. By giving MFIs access to real-time data and other best practice solutions, our customers have greatly improved their profitability.
Our first customer in Nigeria, Development Exchange Centre (DEC) in Bauchi State, is a great example of how our cloud-based Core Banking System enabled the business to grow. Despite the infrastructural and security issues in North East Nigeria, DEC’s implementation of Instafin enabled the business to grow its client base and open 26 new branches within a short time period.
Another notable achievement was with our customer, LAPO Rural Development Initiative, LARDI, which implemented Instafin at 25 branches and experienced 100% growth within six months of implementation, as well as a 75% reduction of costs for opening new branches.
How would your new partnership with ANMFIN impact on your missions and ANMFIN’S businesses and customers?
With a cost and a system tailored for the needs of smaller microfinance institutions, Oradian’s partnership with ANMFIN will enable MFIs to become more efficient, grow and reach more unbanked individuals in rural communities. The partnership will allow all of ANMFIN’s members to move to our cloud-based Core Banking System. ANMFIN’s members will save time and money by improving administrative processes, reducing operational costs and offering new digital financial services throughout Nigeria.
How does Oradian’s technology support the Central Bank of Nigeria’s focus on financial inclusion?
MFIs have been the leaders in providing financial services to hard-to-reach rural communities across Nigeria and technology such as the toolset Oradian offers has enabled MFIs to save time and to provide more unbanked individuals with financial services. WithInstafin, MFIs can increase the number of clients they serve, expanding their rural reach and further driving financial inclusion.
Why did you choose to build ANMFIN Cloud Express for ANMFIN and its members?
ANMFIN Cloud Express, powered by Instafin, is a cloud-based toolset tailored to enable smaller Nigerian microfinance institutions to benefit from a cloud-based solution. Radian’s partnership with ANMFIN is a long-term one and launching ANMFIN Cloud Express expands the range of solutions that Oradian offers in Nigeria. The partnership will enable ANMFIN to promote access to financial services for Nigerian clients on a larger scale.
ANMFIN Cloud Express enhances MFIs’ ability to manage all operations including client relationships, transactions, portfolio management and reporting in the same way that large banks do – but at a fraction of the cost. We are removing the barriers that prevent MFIs from using the right technology to serve clients and to strengthen their operations.
What are the cost implications of ANMFIN Cloud Express to the MFIs?
Oradian’s subscription-based model is similar to an annual membership – it eliminates the financial barriers that used to stand between financial institutions and the technology they need to become more efficient, grow and reach more clients.
Each subscription is tailored to the financial institution, based on their operations, location and how many clients they serve. This makes it easier and more affordable for institutions of all sizes to go digital. With Oradian, your subscription is the amount of money that you pay for full access to our cloud-based toolset – for all branches of your financial institution. You pay as you go, committing to one year at a time.