TekSol Limited, a software development company, has introduced its newest microfinance software named TekSol EasyBank3 (TEB3) to its existing and potential customers in Accra.
The Chief Executive Officer, Teksol, Louis Amenyo Adanuty, said microfinance is still in its growth stage in country and there is a need to build the capacities of microfinance institutions to better manage their businesses and offer better services to customers.
He said microfinance loans tend to have high interest rates in order to recover the high costs of loan administration, saying Information and communication technologies (ICT) can allow micro finance institutions (MFIs) to lower the cost of loan administration, and thus offer more affordable and flexible loan products to clients.
In addition, he said ICT can also help MFIs to expand their service coverage by providing logical, strategic and analytical support.
Adanuty said the introduction of a comprehensive banking software solution like EasyBank3 will enable administrative costs of microfinance institutions' operations to be lowered drastically. This will be accompanied by faster services, better control of fraud, improved records and management reports.
“It is estimated that microfinance institutions with more than 1000 clients/members are sufficiently large to make computerisation of operations an economic proposition.
“TEB3, which is a secured and responsive web-based banking system, was developed in consultation with microfinance industry executives and experts with enviable track-records to solve the challenges faced by non-bank financial institutions in their operations.
“It enables clear, competitive differentiation by addressing the customer-facing needs of financial services enterprises. The EasyBankR3 solution is a highly flexible, best-in-class suite of CRM applications that are easily adapted to model the business practices which make each company unique,†he said.
He said the TEB3 software suite includes a powerful application platform and additional capabilities in analytics, mobile CRM, financial management and marketing automation. TEB3 is designed to promote efficiency and profitability and to reduce stress involved in management of financial records.
He assured all microfinance institutions and the Ghana microfinance Association of the company's preparedness to partner the sector to help promote microfinance in Ghana and the sub-region.
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