We are proud to announce that Agora Microfinance Zambia (AMZ) has recently gone live on the Musoni cloud banking system.
AMZ is one of the leading MFIs in Zambia, dedicated to serving low-income, rural households with high quality financial products. Since AMZ was founded in 2011, they have grown to serve over 140,000 clients across 1,800 groups, and 18 branches. Unofficially, this makes them the largest rural MFI in the country in relation to client numbers.
AMZ place social impact at the heart of their operations, and as such aim to contribute to the economic well-being of the poor through the effective provision of appropriate financial services. AMZ has adopted the village banking model for its group lending and includes products such as MSME, Agriculture lending, Microinsurance and Mobile money in its portfolio of offerings. They hope to add to this range by offering deposit products to their clients in the future.
In order to achieve this, AMZ requires a secure, nimble and robust core banking system. Musoni’s award winning system provides exactly this which will enable AMZ to better digitalise its operations, provide additional channels to its clients and thereby grow its portfolio. After a successful implementation and data migration, AMZ went live on Musoni in July 2020.
Susan Chibanga, CEO from AMZ, said “We are delighted to have gone live on the Musoni core banking system. Moving to the cloud makes it easier for us to manage the dynamics within our operations but more importantly, we now have the underlying foundations for our digitalisation journey.”
Cameron Goldie-Scot, Musoni’s CEO, added “We are excited to be supporting AMZ with their ongoing digitalisation, in particular bringing new channels and services to their clients in rural areas. We share their commitment to social impact and look forward to being their partner over the coming years.”
About AMZ: AMZ was licensed with the Bank of Zambia in 2011 as a a non-deposit taking non-bank financial institution, with the objective of providing financial service to the financially excluded (largely rural) population of Zambia. AMZ is part of the Agora Group of financial institutions that include subsidiaries in India and Cambodia. More information on AMZ can be found on their website www.amz.co.zm
About Musoni – Musoni is the leading digitalisation partner for microfinance institutions around the world. It helps organisations improve their efficiency and extend their outreach through a variety of fintech solutions. These include a cloud banking system, digital field application, mobile payments module and client banking app. It has over a decade of experience and now supports 75 organisations in 15 different countries. It takes pride in its hands-on and personalised approach, with local teams in the Netherlands, Kenya and Myanmar.