Business

Oradian to promote microfinance banking in Nigeria with tech solutions

mobile bankingOradian tech company is set to transform microfinance banking in Nigeria with the deployment of its flagship product, Instafin, which it said is a solution to some of the challenges facing microfinance banking in the world. It also revealed that the solution would help in achieving financial inclusion.

Antonio Separovic, chief executive officer of Oradian, said Oradian is aligning its incentives with those of the customer’s, creating a win-win scenario.

He said: “Drawing on our deep understanding of the market and our customers, Instafin combines key functionality (administration, security, accounting, loan portfolio management, & deposit tracking) with state-of-the-art features in a user-centric and powerful way. With Instafin as the keystone, our customers can begin to reap the full benefit of the Oradian experience and to grow their businesses.”

The company, according to him decided to start operations in Nigeria based on its understanding of the Nigerian market.

He said: “When deciding where to start, we looked at Nigeria because we know the market very well. Our partner Onyeka Adibeli, based in Benin City, has been in microfinance for over 10 years with extensive knowledge of the market as well as firsthand experience when he was head of MIS at LAPO, one of the largest MFIs in Africa.

“This made Nigeria a clear frontrunner. Then we began talking to our established relationships — relationships we’ve formed over the years as consultants and vendor. As a result, these MFIs are now our first customers. Having successfully completed these implementations, we are ready to promote Instafin more widely and work with new customers — particularly in Nigeria.

“Our vision is to roll-out our easy-to-use, competitively priced system, Instafin, offering real-time reporting instantly. Microfinance is our niche, we have been in the industry for many years and believe in what we do. Microfinance is very important in the promotion of financial inclusion throughout emerging economies such as Nigeria.

“Until recently, there were few if any examples of technology specifically designed for the microfinance sector — for the most part, everything has been designed for banks and then adapted. We started explicitly from the particular functional needs of microfinance, designing a core microfinance system for microfinance by microfinance practitioners.”

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