Zimbabwe’s Success Microfinance Bank taps FinOS for core banking
Zimbabwe’s Success Microfinance Bank has selected the Software-as-a-Service (SaaS) cloud banking platform FinOS to power its core.
FinOS partners Success Microfinance Bank
Based in Harare and formerly known as Collarhedge Finance, Success operates as a deposit-taking microfinance institution (DTMFI), and provides account, treasury, loan, digital banking and money transfer services to predominantly micro, small and medium enterprises (MSMEs) in Zimbabwe.
In light of the bank’s increasing trajectory since it began operating 13 years ago, it has now partnered with the FinOS platform to access its composable banking capabilities, increase its operating ability and generate higher levels of financial innovation.
Headquartered in Delaware, USA, with additional offices in Chennai and Kanniyakumari, India, FinOS operates a core banking platform which supports a composable banking approach through plug-and-play credit and deposit engines, and open banking API capabilities.
Speaking with FinTech Futures, Arun Rajeev Sankaran, founder and CEO of FinOS, says the platform will provide the bank with “more possibilities of financial innovation”, while its “high scalability and high flexibility” will afford it a greater level of agility when meeting “ever-changing customer demands”.
With Success adding to its growing list of clients in Zimbabwe, which includes microfinance institutions Inclusive Financial Services and MoneyMart Finance, Sankaran claims FinOS’ latest partnership is pushing the platform into becoming “a prominent banking player” in the country, backed by the efforts of its local country sales partner.
