Categories: Business Plans

MTN Business Supports MFIs’ Drive for Financial Inclusion

MTN Business Supports MFIs’ Drive for Financial Inclusion

In a bid to enhance the operations of Nigeria’s Microfinance Institutions (MFIs), helping them reach out better to the country’s unbanked and financially underserved population, MTN Business, the business-to-business unit of MTN Nigeria, has urged MFIs to embrace cost-effective and operationally efficient solutions in the management of their businesses.

This was the focus of a recently held forum, organised in Lagos by MTN Business, with the theme: MTN XaaS – Helping MFIs Drive Financial Inclusion.

Speaking at the forum, Mr. Tsola Barrow, the Acting Chief Enterprise Solutions Officer, MTN Nigeria, said that technology “has become a key differentiator and enabler for businesses.” That was why, he explained, the MTN XaaS: Micro-Banking Software-as-a-Service solution was introduced to take the operations of MFIs to another level.  The idea was to provide a highly secure, cloud-based solution that, by design, could be implemented within a short time without licensing or setup costs.

“MTN Business is committed to delivering value and driving business growth in Nigeria through tailor-made, productivity-enhancing solutions. We also recognise that microfinance banks provide a huge funding platform for SMEs. Thus, enhancing the service delivery of these banks makes access to funds easier for SMEs, ultimately impacting positively on the economy,” added Mr. Barrow, who was represented by Mr. Olutayo Egunjobi, Senior Manager, Enterprise Marketing.

Furthermore, Mr. Bode Ajayi, the Managing Director of MBA Microfinance Bank Limited, described MTN XaaS as very fast and as the best of all the software solutions he had used till date. He added that the solution provided remote access and authorization to carry out transactions from anywhere via a secure private or public connection.

“I really feel good knowing that I can login from anywhere in the world and query transactions being done in Nigeria. It gives me a sense of control and authority,” he affirmed.

MTN XaaS was launched in 2012, in collaboration with Computer Warehouse Group (CWG) Plc. It offers a range of cloud-based services designed to provide server, software, storage and security benefits over a secure internet connection without any of the associated IT infrastructure costs. With this Solution, MFIs in Nigeria can avoid tying down huge capital in expensive ICT infrastructure since the service is offered on a subscription model.

In addition, MTN XaaS provides standard banking applications in the form of Core Modules and Value Added Services that include: Customer Services, Credit Risk Management, Fixed Deposit, Cheque Book Management, Cheque Clearing, Authorisation, Interests and Charges, Fixed Asset Depreciation, Reports and Electronic Financial Analysis Surveillance System (EFASS).

Innov8tiv is a dynamic Web source for technology news, resources and innovation, with a special focus on the entrepreneurial advances of Africans on the continent as well as in the Diaspora. This site seeks to not only inform consumers and companies about the latest in tech trends and ideologies, but to shed light on a phenomenon often ignored: the inventive, life-changing and creative engine that exists in Africa and among leaders of color around the world, including the UK, the Caribbean, Australia, and Asia. Send story ideas to

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