We’re extremely proud to announce that Musoni has just won the Frost & Sullican Award for Technology Leadership, recognising how we have consistently pioneered new technology to reduce the risk and improve the efficiency of microfinance. Below you can see Judy Ndungu, Musoni Kenya’s CHRO, receiving the award in Cape Town.
Needless to say, we don’t plan to stop here. We have a ton of exciting and innovative new features in the pipeline, including our Client Facing App and integrated credit scoring, that will be launch in early 2015! Please get in touch if you’d like to learn more.
You can read the full write up of the award, taken from allAfrica.com, below, or go straight to the bottom for the links to other news sites covering the event.
Musoni Awarded by Frost & Sullivan for Technology Leadership
Musoni has been recognized by Frost and Sullivan with the 2014 Kenyan Frost and Sullivan Award for Technology Leadership.
In a recent analysis of the Microfinance Industry (MFI), Musoni came out on top in a list that ranked the top 100 mobile MFIs of the world.
According to PR Newswire, Musoni – derived from “m-usoni” where “m” stands for Mobile and “usoni” (Swahili for Future) – was recognized for using a mobile platform to deliver its products and services to customers and how it positioned itself to accommodate the Kenyan population that had been previously ignored by traditional MFIs.
Using its platform, Musoni has been able to deliver its loans to clients in a record 72 hours, almost one and a half weeks faster than other MFIs. The mobile based micro-institution has also applied continuous research and development (R&D) which has helped the company in delivering high standard services to their clientele.
“Musoni is currently offering micro-credit and hopes to expand its services to include micro-savings and micro-insurance products,” said Craig Parker, Senior Economic Consultant, Frost and Sullivan. “The delivery of savings and insurance using the mobile money platform will increase customer uptake, which is currently less than 3 per cent for MFI products in Kenya. The mobilization of micro-savings will raise customer profiles and help them qualify for micro-insurance.”
In the last three years, Musoni’s loan book has doubled annually and the company is currently in the process of rolling out a digitized registration process that will allow it to expand on its customer base. Musoni uses Safaricom’s Mpesa platform to offer micro-loans and accept repayments through the mobile phone. The company has also built its own middle-ware so as to improve the money transfer process and authenticate loan repayments which has in turn sped up the information upload. Within these three years, Musoni has an average of 15,000 in customer base.
To register customers, Musoni uses field agents for micro-loans using a mobile tablet. The loan applications are then converted into loan facilities and are then registered to an account. The money can then be disbursed immediately to the customer’s mobile wallet, upon completion of the registration process.
Each year, Frost and Sullivan presents this award to companies that have developed a pioneering technology that enhances current products and also enables the development of newer products and applications. The award is in recognition of the recipient’s technology and being in the top 10 per cent of players in their industry worldwide and recognizes companies in a variety of regional and global markets for demonstrating outstanding achievement and great performance in leadership, technological innovation, customer service and strategic development.
“Musoni’s commitment to innovation and development of best practices in providing purely cashless and paperless mobile banking services in micro-finance has set it up for continued growth in future,” noted Mr Parker.
Musoni Kenya Ltd was formed back in September 2009 as a credit only MFI with the intention of becoming a deposit taking MFI and is the first to use the mobile platform in 100 per cent of its transactions.
Frost & Sullivan recognises iCreate as key vendor in Indian banking sector
Frost & Sullivan in their latest research on ‘Enterprise IT Adoption in the Indian Banking Sector: Moving Beyond Core Solutions Brings About Increasing IT Investments’ mentions iCreate Software as one of the ‘Key Vendors of Reporting and Analytics Solutions’ focussed on the Banking industry vertical, with ‘High Market Reach’.
This authoritative and insightful research details how the Indian banking sector, in the wake of changing macro-economic situations and policy mandates, have sustained growth, automated business processes and increased adoption of IT, mobility and other global best practices.