Status Capital Building Society (SCBS) has signed off a contract to use the Musoni System Core Banking System, our very first customer in Eswatini (formerly known as Swaziland).
SCBS was using a manual system that was time-consuming especially when generating manual reports, therefore neglecting core aspects of the business and missing opportunities for growth.
The Musoni core banking system will enable SCBS to implement a cloud and digital system that supports integrated accounting, high-quality reporting and can be used for loans & savings management.
They aim to be a pioneer in spearheading the move towards the 4th industrial revolution (4IR) in Eswatini. Adopting the use of digital transformation solutions like Musoni System is a testament to Status Capital Building Society’s vision and unwavering dedication to ensuring excellence across their offerings.
SCBS are keen on using Musoni’s open APIs to integrate with third-party platforms that will accentuate the efficiency of their operations and significantly improve customer experience. Integrating with applications that have reliable and secure infrastructure for real-time information exchange will be key in driving their business growth. SCBS also have ambitious plans to play a significant role in facilitating economic growth for their members through cutting-edge technology, and innovative services.
SCBS Head of IT, Mr. Auto Dlamini: “Human error has been a big let down for us because of inaccurate accounting and financial reporting. Partnering with Musoni System has been one of the biggest strides we have made to push our business toward digital transformation. Their comprehensive, affordable system will cover many facets of our business, empowering our digital transformation, whilst responding to the constantly changing market demand.’’
Commenting on this, Emily Njambi, Musoni Business Development Manager said, “Manual accounting is a tedious process that is highly susceptible to errors. It’s a joy to watch SCBS embark on this digitalisation drive by implementing Musoni’s core banking system. They now have an edge against their competitors as they can increase customer outreach by using the Musoni Digital Field Application (DFA), grow their digital footprint, and use our secure Core Banking System to monitor loans and savings.
About SCBS; Status Capital Building Society is a licensed financial services provider regulated by the Financial Services Regulatory Authority of Eswatini and is inclined to operate within the parameters of the Building Societies Act of 1962. By creating sound investment opportunities, offering higher than market returns on savings and deposits, and enabling the Eswatini people to access credit for small businesses, SCBS is striving to drive financial inclusion for the Eswatini people and improve overall economic growth.
Visit SCBS at https://scbs.co.sz/#/home
About Musoni; Musoni is the leading digitalisation partner for microfinance institutions around the world: We help 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. We have over a decade of experience and now support 75 organisations in 22 different countries. We take pride in our hands-on and personalised approach, with local teams in the Netherlands, Kenya, and Myanmar. Visit Musoni at https://musonisystem.com