As central banks across Africa continue to deepen financial inclusion, MainOne, a leading Cloud Solutions Services Provider, has expressed commitment to supporting commercial and microfinance institutions (MFIs) in achieving their goals.
In a bid to enhance economic growth through financial inclusion, the Central Bank of Nigeria issued mobile network operators payment banking licenses in 2019 while in Ghana, a digital financial services (DFS) policy was launched in early 2020. Other countries on the African continent have implemented similar policies. These developments do not only pave the way for greater inclusion in the financial system, but also put additional pressure on commercial banks and MFIs to deliver efficient and more cost-effective services.
However, many commercial banks and MFIs have been held back on their digital transformation journeys by legacy technology and processes. They have continued to invest in and own Data Centers to host critical applications, which have not been cost efficient. System outages and downtimes have been common with these banks, resulting in heavy financial loses and reputational damage.
As an end-to-end provider of Connectivity, Datacenter and Cloud services, MainOne has supported various financial institutions by offering a comprehensive technical and commercial build-versus-buy assessment which has facilitated partnerships that allowed the banks achieve regulatory compliance and increased efficiencies without the weight of operating and capital expenditure challenges.
DGM Marketing and Customer Experience; Ololade Shonubi stated that “MainOne as a renowned leader in connectivity solutions that enable digital transformations across West Africa, is focused on supporting organizations across sectors to adapt to the flexibility, cost effective and value add that innovative cloud connectivity enables for them.
We offer bespoke solutions that allow various industries including the Financial Services industry to scale easily while maintaining high performance and focusing on their core business objectives. Our Solutions competently support transition from legacy platforms to innovative and dynamic cloud-based solutions and platforms which allow organisations develop new products and applications , enhance existing applications and ultimately improve their customers’ experience’’.
‘’In order to take advantage of the opportunities available that will enable banks reach the unserved population, and also withstand the onslaught of Fintech companies, banks need to maximize their operational efficiencies and extend their reach with solutions that foster revenue growth without the burden of increased capital expenditure’’ , explained Lolade Shonubi