PureSoftware, a leading software consulting and IT services company, today announced that it has been selected by Nepal Finsoft Limited for Central MIS and Core Banking Platform for the Microfinance Industry in Nepal.
This arrangement would provide Microfinance Institutions (MFIs) and Co-operatives in Nepal access to the facilities of a world-class core banking and Management Information System (MIS) solutions platform at low cost.
A group of thirty-four Nepalese microfinance institutions have jointly invested to form Nepal Finsoft Limited, an IT company, to make the platform possible. The initiative has been made possible by the work of the Nepal Microfinance Banks Association (NMBA) with technical assistance as well as Challenge Funding support from UKaid Sakchyam Access to Finance programme.
A signing event took place at Sakchyam’s Chundevi office to formally announce plans for the system. Nepal Finsoft Limited is procuring the IT system from Puresoftware Limited and the system is expected to go live in April 2017.
Individual MFIs have been using a different software to meet the needs of regulators. Such software have several inadequacies, leading to the institutions’ staff not having critical information readily available. The launch of this platform will allow uniformity in information, leading to increased efficiency and capacity to serve clients for MFIs. It will also lower overall costs as the price of the infrastructure is being shared by participating MFIs. For their clients – amongst them hundreds of thousands of poor Nepalese in rural villages– this means better, efficient services for lower prices.
The platform will have a centralized system hosted at Nepal Finsoft Limited as a Shared Access Platform that subscribing institutions can connect to online, via desktops, laptops and even tablets. A single system license and a central server system will be obtained by Nepal Finsoft. There is also a provision for a Disaster Recovery Site, a facility that was absent. Additionally, the system data will be protected through a security system.
Mr. Yuvraj Thapa, CEO, Nepal Finsoft Limited said, “The launch of this platform will add tremendous value to the work of Nepali MFIs. As this is the first time that such a platform is being launched in Nepal, it is sure to encourage industry stakeholders to come up with other innovative solutions for present challenges. I want to thank Sakchyam for their assistance in this and look forward to working on this together.”
Mr. Dharma Raj Pandey, Chairman, NMBA said, “We started work on this platform a while ago and are happy to be announcing the beginning of this important journey for Nepal’s financial sector. The launch of this platform will add much productivity and efficiency to the work of MFIs.”
Mr. Ramchandra Joshi, Chairman, Nepal Finsoft Limited said, “This is an initiative that will affect the lives of millions in Nepal, improving services and the value attached to it. We are extremely pleased to be launching this core banking and MIS system solutions platform today.”
Mr. Anil Baid, President and CSO, Puresoftware Limited said, “Puresoftware is happy to be using its technical expertise to launch a platform that will affect so many lives for the better. It is a challenge for us too and we look forward to doing the best we can for the collective.”
Mr. Baljit Vohra, Team Leader, Sakchyam said, “We are very excited for this new initiative and are confident in the capability of Nepal Finsoft, Puresoftware and the partner MFIs in launching a truly modern platform that will touch the lives of millions of Nepalese and truly bring about transformative change in the microfinance industry. It will particularly lower costs for the end beneficiaries and provide them with better and more efficient services.”
Sakchyam is an access to finance programme funded by UKaid. It is being implemented by Louis Berger for DFID Nepal in partnership with local and international institutions.
PureSoftware is a software product and services company that focuses on driving a differentiated customer experience, accelerating cycle time and improving business outcomes through an integration of digital solutions, robotic automation and non-linear commercial models. PureSoftware provides value driven services and solutions to its customers by leveraging its offerings in Digital, Product Engineering and Application Development and Management.These services are applicable across industries including Telecom, Financial Services, Life Sciences, Hi-Tech, Gaming, etc. Our flagship product ‘arttha’ is one of the fastest growing financial technology platform. It helps businesses embrace digital solutions in the areas of financial services, mobile banking, agency/ branchless banking, microfinance, insurance, payments, and payments aggregation. Arttha has been adopted by more than 50 banks & financial institutions, and four mobile operators, in the last three years.
Through our customer centric and collaborative approach, we have been able to create engagement models that delivers cost and time reduction in projects while maintaining the highest software engineering quality and standards. We provide our clients with a unique multi-point engagement model, which enables faster and more meaningful communications between various functional teams involved in the project. Our innovation driven development approach and thought leadership in various domains gives us an edge over our competition.