Tuesday, May 21, 2024

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Kenyan, Ugandan Firm Team Up to Roll Out an Agency Banking Platform

A Kenya-based tech firm, Software Group, has partnered with BRAC Uganda Bank Ltd to rollout market-leading Agency Banking digital platform.

According to a press statement from Software group, the global software company with its regional head office in Nairobi, won a new contract for its latest Agency Banking platform with BRAC Uganda Bank Ltd, a prominent financial institution in Uganda.

Software Group’s market-leading technology will support the bank’s plans to extend its outreach to under-served areas through Agency Banking, providing highly convenient, digital financial services closer to customers.

Adopting the market-leading Agency Banking platform, the bank will be offering a rich set of services, due to go live during the course 2021, available outside of normal office hours and close to where their customers are, providing greater convenience, boosting trust during the COVID era by reducing in-branch congestion, and mobilizing customer deposits while at the same time reducing operational costs.

Delivered in an AGILE delivery model, which enables a rapid time-to-market, Software Group’s Agency Banking platform allows BRAC Uganda Bank Ltd. to scale its points of sale rapidly without investing in costly branch and ATM networks, as part of its financial inclusion agenda to engage with a wider customer base.

“We are delighted to partner with Software Group and leverage their market-leading Agency Banking Solution with financial support from World Saving and Retail Bank Institute (WSBI). Delivering financial services to 84 districts and over 200,000 microfinance members via our agent network helps save lives, to stop the spread of COVID and supports our sustainable development goals in Uganda,” said Mr. William Mawejje, Deputy CEO and COO for BRAC Uganda Bank Ltd.

Craig Albertson, Business Development Director Anglophone Africa at Software Group commented, “We are proud to partner with BRAC Uganda Bank Ltd. in achieving their ambitious outreach goals and significantly enhancing customer experience.

Moreover, utilizing digital solutions such as Agency Banking plays an essential role in preventing the spread of COVID-19, as it will avoid the need for the bank’s customers to queue in branch offices and help them manage social distancing.”

Agency Banking is one of the fastest growing digital financial channels in Africa allowing banks to offer digital banking products and services (including phone top ups and bill payments for example) outside of traditional banks, through 3rd party vendors such as shops or roadside kiosks.

Recognized by the leading research and advisory company, Celent, Software Group’s Agency Banking solution is already the most robust and mature software of this type in emerging markets, currently implemented in more than 15 countries across Africa.

BRAC Uganda Bank Limited (BUBL) is a Credit Institution (CI) regulated by Bank of Uganda under the Tier 2 Financial Institutions (FIs) category. The Bank was formed through the transformation of BRAC Uganda Microfinance – a Tier 4 Financial Institution that was initially a social development intervention program of BRAC Uganda NGO.

The initial license to operate as a regulated Credit Institution was issued in March 2019, thereafter the Bank was launched in April and officially opened doors to the public in June 2019. Transformation not only enables the Bank to meet client needs by providing a wider product menu but also to expand scale and impact at the bottom of the pyramid (target clientele) which is in line with its financial inclusion agenda.

BRAC Uganda Bank Ltd. boasts of a network of 163 branches across 84 districts in Uganda. 32 of these are fully networked branches regulated by the Bank of Uganda while 131 are satellite offices supporting outreach activities of the Bank. BRAC, within Africa also has offices in South Sudan, Tanzania, Sierra Leone, Rwanda and Liberia.

Software Group is a global technology company focused on developing and offering software solutions that help financial service providers digitize and successfully go through the process of digital transformation.

Founded in 2009 and headquartered in Sofia, Bulgaria, it currently serves a worldwide client base in more than 70 countries from 9 regional offices located in Australia, Bulgaria, Egypt, Ghana, India, Kenya, Mexico, the Philippines, and the USA. Its main operations include the development of innovative software products that facilitate access to financial services and increase the efficiency of financial institutions.

Some of Software Group’s customers are organizations such as Bill & Melinda Gates Foundation, MasterCard & MasterCard Foundation, International Finance Corporation (IFC), World Bank, Asia Development Bank, 7 of the 10 biggest microfinancing networks in the world, Allianz Bank Bulgaria, Atlantic Bank, Bank South Pacific, Asia Confederation of Credit Unions (ACCU) and others.


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