New core banking system for Nigeria’s microfinance banks
Inlaks, a banking software provider in Nigeria and West Africa, has built a core banking solution together with the Central Bank of Nigeria (CBN) for the country’s microfinance sector.
It is understood the platform is based on the Temenos’ T24 core banking system. Inlaks is Temenos’ regional partner and CBN is itself a long-standing user of T24.
It is being rolled out to Nigeria’s 1,000+ microfinance banks and financial institutions, starting from July this year.
It is described as “a single core and agent banking solution” and is being implemented under the National Association of Microfinance Banks Unified IT Platform (Nambuit) programme.
CBN hopes the project will increase financial inclusion, promote better regulatory framework, enrol the microfinance players into the national payment system and decrease operational costs.