EVOLVING A FINANCIAL SYSTEM CODE NAMED ‘ANMFIN CLOUD’ THAT PROMOTES RURAL BANKING FOR THE NON-BANK FINANCIAL INSTITUTIONS IN NIGERIA.
ANMFIN CLOUD, is our core banking micro finance software and technological platform designed and built for Microfinance Institutions (MFIs) to promote savings culture, loan administration and collections, credit rating and generating financial reports for business operations and regulatory purposes.
Most Micro Finance Institutions (MFIs) are located in remote, rural areas. ANMFIN Cloud enables Institutions to seamlessly scale their operations in these environments. Being cloud-based, ANMFIN Cloud can be accessed from any device and anywhere provided there is an Internet connection. Our field collection application for Android enables staff to work offline (e.g., during field visits) and later synchronize with the system.
ANMFIN Cloud enables MFIs to know and control their portfolios and transform risks into opportunities. Financial Institutions have the unique challenge of providing micro-credit and other microfinance services to the Nigeria financially underserved; and for this population the expectation is considerably lower interest rates. But with steadily rising operational costs, it is becoming more and more difficult for microfinance Institutions to do just that. The cost of procuring, implementing and running a Microfinance application to manage MFI operations can be enormous – licensing, ICT infrastructure, maintenance, data Centre accommodation, are just a few of the costs that eat a massive hole into the businesses’ pockets.
ANMFIN Cloud is highly cost effective because it is simply accessible over the Internet. No need for servers, data centers, annual licensing fees, additional ICT expertise in-house, expensive annual maintenance fees/costs, etc. With the existing laptop and desktop PCs and Internet access, the Institution has all it takes to get started. With ANMFIN Cloud, Microfinance can be taken to wherever you want it to be: market, end clients’ business or home or remote rural areas. As a cloud-based service, this Microfinance application is available to authorized personnel on authorized PCs, wherever they may be. ANMFIN Cloud is constantly upgraded to ensure all modules and features meet the changing needs of ever-changing Microfinance operations and keeping the critical data safe and secure.
BENEFITS OF ANMFIN CLOUD TO OUR MEMBERS (REGISTERED MFIs)
- 1. OPERATIONAL EXCELLENCE
Cloud Microfinance: No hardware costs, no spiraling fees, no costly specialist ICT skills required. Power of one product: One solution, including loans, deposits, integrated accounting, real time reporting, SMS notifications and more. Robust Capabilities: ANMFIN Cloud has been optimized to run on low bandwidth, even 2G. We have a range of solutions to meet budget, and run-on Android phones, point-of-sale devices or secure Excel file exports.
- 2. INFORMED DECISIONS
Real-time reporting: Instant tracking of every action and transaction, mitigating operational and financial risk. The dashboard shows a real-time overview of your portfolio. Client insight and broader relationship Management: Up-to-date information about clients, and their previous loans and savings is stored and accessible instantly. Transparent audit trails: You have insight into exactly who is logged on, what work they did and when they did it.
- 3. GROWTH
Best practice: Whenever a new feature is developed, it is immediately available to the whole ANMFIN Cloud community. New products in a matter of minutes: A user-friendly product builder enables you to quickly create tailored products for a group of clients or Individual clients. Enhanced efficiency and controlled costs: A scalable solution that allows you to focus on your growth. Platform that enables innovation: ANMFIN Cloud has APIs that give you the freedom to select the alternative channels that best suit your needs.
PROGRAMMES/PROJECTS DESIGNED TO ENHANCE MEMBER MFIs CLIENTS MSMEs SERVICES DELIVERY
- 1. Agency Banking: In partnership with Software Group, ANMFIN is deploying a robust and dependable world class Agency Banking Software which will be integrated to ANMFIN Cloud. Our Agency Banking platform is our ace in achieving CBN Financial Inclusion Target; automatically making ANMFIN over 2,900 active registered MFIs as Financial Inclusion Agents across the 774 LGAs of Nigeria.
Our special agent network strategy is designed to establish a minimum of 20 agent outlets in each Local Government Area, thereby creating 15,480 direct jobs and 46, 440 indirect jobs across the country through Financial Inclusion.
- 2. Farmers to Finance (F2F) N10billion Mutual Trust Fund: Sequel to ANMFIN strategic objective to create Access to Finance for farmers and agribusiness MSMEs, and in pursuit of its mandate to expand and increase financial linkage for Micro Finance Cooperatives, NGOs and Community based organizations, ANMFIN has launched the Farmers to Finance (F2F) Mutual Trust Fund for Microfinance Institutions in Nigeria.
The Fund was launched on the 24th of November 2017 by His Excellency, The Vice President of Federal Republic of Nigeria, Prof. Yemisi Osinbajo (GCON) who was represented by the MD of Bank of Industry (BOI), Mr. Olukayode Pitan, in the launch.
ABOUT F2F
➢ The Farmer-2-Finance Mutual Fund Project (F2F) is conceptualized not only to bridge the dearth of long-term finance
➢ But also, to deal with other challenges to the Non- bank Microfinance Institutions Sector development in Nigeria,
➢ Particularly the lack and/or poor access to finance by Micro, Small and Medium Enterprises
➢ And the resultant effect on the activities of MFIs and their Clients.
FEATURES OF F2F
➢ Partnership with individuals/institutions
➢ Selection of Microfinance Institutions (MFIs)
➢ Selection of Beneficiaries
➢ Capacity Building for the Sector
➢ Disbursement of Loans
➢ Repayment
➢ Recovery
➢ Constant Review of The Programme
ELIGIBILITY FOR F2F FUNDING
To be eligible for funding under the scheme, a prospective beneficiary shall:
➢ Be a registered member of ANMFIN and must be a cooperative/NGO/MFI that is duly registered with the relevant government agency and comply with all relevant regulations of the Cooperative Act (1990)/CAC, including audited financial statements;
➢ Comply with all applicable tax laws and regulations and render regular returns to the appropriate authorities; and
➢ Engage or propose to engage in any of the businesses listed.
F2F BUSINESS SECTOR
➢ Farming
➢ Agricultural Value Chains
➢ Information technology and telecommunication (ICT)
➢ Service Sector including Capacity Building/Training
➢ Solid minerals