London, 4 February 2003 - Financial Objects, a leading supplier of advanced technology banking software and services, today announced that major credit provider African Bank has licensed activebankÂ² to support general ledger, lending and treasury. The Johannesburg-based institution, which manages two million loan accounts, will roll out activebankÂ² across ts 200 branches in South Africa this June.
African Bank is implementing activebankÂ² to streamline its lending operations and improve its ability to manage customer repayments. activebankÂ², which is highly flexible and can be fully integrated with African Bank's existing infrastructure, creates a straight-through-processing environment and allows the bank to focus more closely on client needs.
One of the key benefits of activebankÂ² is its advanced customer monitoring
capabilities, which give an up-to-date picture of account status and individual transactions. Banking staff will benefit from having information about clients at their fingertips, enabling them to make rapid informed credit decisions and allowing them to respond to customers more quickly and efficiently.
By using Financial Objects' leading edge technology based on a Microsoft platform, African Bank will greatly enhance its ability to service Southern Africa's growing number of microfinance customers, who are denied access to traditional credit facilities because of irregular cash flows or a high risk profile.
The bank was impressed by Financial Objects' competitive pricing, product flexibility, and the commitment and professionalism of its staff, as well as the fact that activebankÂ² offered an excellent fit to its core banking requirements.
African Bank was also influenced by Financial Objects' use of scalable Microsoft technology. The system runs on Microsoft servers, meaning that it is less expensive to run than a traditional legacy system. Crucially, it is also scalable, safeguarding African Bank's investment against future developments in business and technology.
Karim Peermohamed, executive director, global sales, Financial Objects, says: "In the last ten years, microlending has established itself as one of the most dynamic areas of the African and Asian financial services industries. In Southern Africa alone, there are 35 million people with no access to the formal banking system - these are the people that microlending exists to serve. Financial service providers of all sizes, from dedicated microlending institutions to the largest commercial banks, have been fighting for a share of this exciting marketplace. We look forward to expanding our customer base into the worldwide microlending industry and working with one of its most prestigious players."