FBC unit partners ZAMFI
LIVINGSTONE MARUFU
FBC Holdings’ fintech unit, Xarani Private Limited, has partnered the Zimbabwe Association of Microfinance Institutions (ZAMFI) to deliver a platform to improve their loan processing efficiency for the benefit of the customer.
The Xarani Deduct-At-Source platform is used to submit online loan bookings and deductions to the Salaries Services Bureau (SSB) by financial institutions and other lenders that extend credit facilities to civil servants.
Xarani managing director Agrippa Mugwagwa told Business Times that the fintech company is an ecosystem player that creates an enabling environment for service providers to build efficiencies, lower costs and improve the customer experience.
“The Xarani/ZAMFI collaboration unlocks significant value for microfinance institutions by lowering the cost of serving customers through the provision of a platform that can be accessed at a discounted rate through the association,” Mugwagwa said.
“The platform alleviates the burden of physically submitting files to SSB on a flash drive, a method that can lead to possible exposure to malicious software or malware that has the potential to destroy an organisation’s data and systems.
“In addition, lenders are also able to improve their loan processing efficiency for the benefit of the customer. It also allows institutions to tap into the application-programming interface [API] -driven technology resources developed by Xarani at a very reasonable cost.”
He said the platform is accessed by lenders either as an API or through a web portal and has the following features which include individual booking tracking, inbox for direct messages from SSB, audit trail with date and time of file uploads and downloads.
The platform also recalls a file before it has been downloaded for processing and has system customisations to suit a particular organisation API-enabled technology allows different systems to plug into one another and communicate to provide seamless, integrated service to the customer.
Mugagwa said Xarani takes pride in having enabled FBC Bank to become the first bank in Zimbabwe to digitally onboard customers for both low and full Know Your Customer accounts.
“The Covid-19 pandemic has been a wake-up call for many organisations to develop new business models that are technology-driven, lower costs and are customer-friendly,” he said.
