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Software systems development company Angle Dimension in partnership with Inq Digital has announced the launch of Free Savings and Credit Cooperative Societies and Microfinance Institutions – SACCO/MFI Automation campaign specifically designed to empower small and medium financial institutions.
The event will start from August 1st and end on December 31st.
Richard Mtukula, senior commercial executive at Angle Dimensions, told a press conference in Lilongwe on Tuesday that there was a need for cooperatives and microfinance institutions to jump on the bandwagon of digitalisation, especially in the core banking sector, to automate operations as they faced challenges in accessing a robust financial system.
“We hope to contribute to financial inclusion by eliminating the cost of automation of the core banking system and internet banking that we have developed,” he said.
Mtukula said the initiative will bring banking technology to MFIs and Saccos, whose members will be able to access different products using the state-of-the-art software, Aspect financial 360 (AF360).
He believes that this approach will enable SACCOs and MFIs to conduct financial activities more efficiently and most importantly focus on growth and innovation in serving their respective communities.
Kingsley Gwaza, digital business development manager at Inq, said the company will support some of the services in AF360 provided by Angle Dimension.
“We joined the initiative to provide some digital services to help Malawi achieve sustainable development,” he said.
Gwaza said they recognised that fintech plays a key role in shaping a more sustainable and equitable future.
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