Precise Financial Systems [PFS], Nigeria’s leading fintech firm, has announced that Kenya Women Microfinance Bank [KWMB] has selected its awards winning automated accounts reconciliation solution, CLIREC, to address the identified needs for a more efficient and effective accounts reconciliation practices across the institution.
KWMB formerly known as Kenya Women Finance Trust or KWFT had identified its peculiar needs to include faster resolution of unprocessed items, faster resolution of customer queries and improves responsiveness; achieve a near real-time scenario of the reconciliation process, timely reporting to management and automated escalation of long outstanding items.
According to information emanating from PFS and signed by the MD/CEO, Dr. Yele Okeremi, the objective of the project was to deploy a reconciliation solution that will facilitate a reduction of the turnaround time of the reconciliation process in KWFT.
“The reconciliation will enable KWFT to increase its operational efficiency by providing a faster resolution to unprocessed items, customer queries and improve responsiveness among other benefits”, he said.
Dr. Okeremi added that the scope of work for the KWMB’s automated accounts reconciliation solution project include the automatic upload of reconciliation files into the reconciliation module, pick core banking files from a defined secure location and upload into the reconciliation module in real time, automatic match of transactions with similar transaction references, manual reconciliation of un-matched items and multiple to one matching of items.
Other scope of the project include to facilitate the reconciliation of one to multiple matching of items, provision of output of un-matched items, reconciled items, duplicate items, pick out suspicious transactions, search engine, summarise reconciliation with opening balance, outstanding items and closing balance and reports.
He said his company is excited to work with the gender-based bank to improve its processes and make life easier for the bank and its customers, saying, “We are known for the development of simple solutions to solve complex problems.”
KWMB is a medium-tier financial services provider in Kenya. As of December 2013, it was the largest deposit-taking MFB in Kenya with an asset base valued at about US$220 million. Then, the bank had in excess of 600,000 deposit accounts and a loan book of approximately US$147 million, and shareholders’ equity valued at US$29.5 million.
CIO of KWFT, Mr. Kibet Kipkemoi, said the bank selected PFS’ Clirec because of its records of accomplishment in solving complex reconciliation challenges with its simple processes.
“Clirec was picked as the preferred applications after rigorous selection process by our team and consultants who evaluated all available solutions. We are confident that Clirec will meet all our reconciliation needs. “
Established in 2008 as KWFT, a 100% subsidiary Kenya Women’s Holding (KWH), in 2010, the institution was authorized to accept customer deposits, thereby becoming a deposit-taking microfinance institution.