Zibuko Capital, one of the leading microfinance institutions in Zimbabwe, has shown that having a modern core banking system is key to ensuring rapid growth and high customer satisfaction. Founded in 2016, Zibuko started with the Musoni core banking system from their inception. Since then they have grown to serve over 5,000 customers and now manage a loan book of nearly $10m. All of this was achieved during a period of major economic and political changes in Zimbabwe, even before taking the impact of COVID-19 into account.
Speaking about their decision to choose Musoni, Elna Chikudza, Zibuko’s General Manager, commented: “As a business within the banking sector, we were in need of an efficient, affordable & reliable systems partner. Musoni has provided Zibuko with all three.” Elna continued by explaining that getting started on Musoni was straightforward due to the intuitive user interface. This made it easy for the team to get started without an intensive training program.
Like all MFIs using cloud banking systems, Zibuko have benefited from having all their data hosted in a centralised location. This makes it easier for the operations team to manage portfolio quality and track customer performance in real time. This however is just the start. Takudzwa Nyakatsapa, Zibuko’s Credit and Collections Officer, explained that “By adopting a cloud based system, Zibuko has avoided all infrastructure related costs arising from the need for servers and storage units. The system offers the best user experience and interface for the operations team, and has been consistent in helping us to deliver quality results.“
Since launching, Zibuko have also taken advantage of many of the advanced digitalisation tools that Musoni provides as standard. They use credit checks to improve their loan decision making, have launched the Musoni Digital Field Application enabling their loan officers to work in offline mode, and have recently launched a Client Facing Mobile App for all of their end clients.
Speaking about why they love Musoni, Mrs. Chikudza explained: “The system has come with many benefits. Over the years the quarterly upgrades have kept improving the system performance. As clients we are happy that our needs are being heard and catered for. Musoni’s support system is exceptional, they are prompt to respond and solve any issues or queries. The support team is Spot On!“
Why Zibuko would recommend Musoni
Mrs; Chikudza finished by explaining: “I would recommend other corporates to use this system as it is an excellent core banking system, suitable for any business looking for growth, efficiency and accountability. With its great and flexible integration functions its an absolute gamechanger for any MFI that would like to make an impact in the digital world.“
This is the beginning of Zibuko’s digitization journey. They are now working on automating more of their internal processes, such as client KYC capture, working with the Musoni documents feature, and rolling out the mobile application to all clients.