Musoni is pleased to announce the launch of operations in Nigeria. Currently operating in ten countries (eight in Sub-Saharan Africa), the company hopes to leverage its previous successes to make an impact in the market. Promoting the launch in Lagos, Musoni Country manager Jacob Igono said, “this is an exciting time to be a part of the financial inclusion movement and to be in Nigeria. The Musoni System has a proven ability to improve efficiency, reduce costs and catalyze growth for MFIs and we look forward to supporting Nigerian organisations for years to come.”
Technology has drastically changed what is possible in the lives of millions of Nigerians over the last few years. Innovations in cellular devices and improvements in coverage have been instrumental in driving change in the country. Another catalyst has been the rise of cloud-based solutions that are able to piggyback on the enhanced connectivity within Nigeria. As a cloud-based core banking system provider for MFIs, Musoni is well placed to help microlenders grow quickly while keeping their costs low.
Musoni has been delivering quality for several years due to the company’s extensive microfinance knowledge (having previously founded and run an MFI in Kenya now serving 25,000 clients) and its experience working with mobile money integrations, automated SMS reminders, and tablet apps. The company already provides the Musoni System to over 39 financial organisations and has a proven track record of developing and delivering high quality software and support to organisations across Africa.
As a result of pioneering new technology in microfinance, over the last four years, the Musoni team has won multiple awards, including the award for ‘most innovative use of technology’ at the Global Microfinance Awards (July 2011), and the Frost and Sullivan award for ‘Technology Leadership’ (August 2014). Additionally, an MFI using the Musoni System recently won the ‘Financial World Innovation Awards’ in London for their use of the Musoni app in Tanzania.
Musoni‘s successes didn’t stop there. Most recently, an impact assessment of the Musoni App carried out by Accion International concluded that:
- Digitalising operations resulted in the MFI realising an increase in income of $86,620 in the first year
- Using the Musoni App increased the case load per loan officer by 68% while simultaneously reducing turnaround time (TAT) from 72 hours to 6 hours
- The MFI realised cost savings of $27,246 in the first year of launching the app, achieved by promoting data entry staff into other roles and reduced stationary/printing costs
Cameron Goldie-Scot, Musoni’s CEO, said “Launching into Africa’s largest country is a major milestone for Musoni. There is the potential to revolutionise the way financial services are delivered in Nigeria and we’re excited to bring the benefits of our award-winning technology to local organisations.”