Micro Finance banking in Nigeria

Posted on Feb19, 2008

Probanx signs agreement with Micro Finance Bank in Lagos.

Probanx Information Systems is proud to announce an agreement with First Choice Micro Finance Bank Ltd. (FCMB)

FCMB is head quartered Lagos and will provide banking services through a network of up to 100 merchants banking units within the area.

Probanx has developed a unique new Merchant Banking module to use commercial shops and retailers as branches for basic banking transactions. This will help the banks to reach to clients into remote areas and brings banking facilities to many previously unbanked families.

This new Merchant Banking tool is using the latest technology and highest security.
Transactions are confirmed by an automated SMS code generated from the banking server and sent to the client's mobile phone. Only with this SMS code can a tansaction be completed.

This new delivery channel will eliminate the need to prepare, transport, and enter hand-written reports, thereby reducing substantially the cost for rural banking operations.
The real-time operation and electronic transmission of data and validation of the client will raise client confidence in MFBs, as well as eliminating fraud. Finally, the system, if used by
the industry as a whole, might allow MFBs in Nigeria to take full advantage of latent synergies that exist among geographically and financially diverse institutions in Nigeria.

More information will be provided soon here: http://www.probanx.com/EN/technology/index.html

CorePlus retail banking is based on the latest browser based technology and includes core banking, teller, deposits, loans, mortgages, management information system, internet banking and sms banking.

About Probanx Information Systems Ltd:

Probanx Information System Ltd (Probanx) is a German managed software house developing comprehensive IT solutions exclusively to the financial services industry to the small to mid-size banking and financial institutions. The products portfolio of Probanx meets requirements of: Universal Banking, Retail Banking, Corporate Banking, Private Banking, Offshore Banking and Micro Finance Solutions.

Probanx sells and supports its products and services to the clients worldwide, thanks to the network of partners. Our partners add value to our products and expertise by understanding unique local banking market requirements and providing local support.