Inlaks links with NIRSAL Bank to accelerate financial inclusion

Inlaks links with NIRSAL Bank to accelerate financial inclusion

By Juliet Umeh

Towards its own efforts in addressing the needs of Nigerians in the rural areas and also deepen financial inclusion, African financial technology company, Inlaks, has been appointed as the implementation partner to host NIRSAL National MFB on the National Association of Microfinance Banks Unified IT, NAMBUIT, platform, which is deployed for microfinance banks.

The NIRSAL National MFB is an initiative of the Central Bank of Nigeria, CBN, in collaboration with other major stakeholders like  Nigeria Incentive-Based Risk Sharing System for Agricultural Lending, NIRSAL, and the Nigerian Postal Service, NIPOST.

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Managing Director, Africa Operations at Inlaks, Mr. Femi Adeoti, said  NIRSAL National MFB will commence operation with 10 take-off branches in the first quarter of 2019 and then expand branch operations to all 774 local governments of the federation. He also said all NIPOST outlets nationwide will eventually be used as branches for the bank in addition to other branchless innovations from Inlaks.

Adeoti explained that the unified platform comprised a core banking system and sub-systems for agent banking, non-interest banking and mobile payment among other services.

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He said: “NAMBUIT is a Software as well as a Service, SaaS, platform and will drive the operations of the proposed National MFB in a way to reduce operational costs and also improve the bank’s ability to provide necessary information to agencies such as CBN and NDIC. The Nigeria Police Force Microfinance Bank, NPFMFB with 28 branches across the country is another nationally rated microfinance bank already live on the platform.

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