With over 80,000 applicants processed for the disbursement of the N50bn COVID-19 Targeted Credit Facility for households and Micro, Small and Medium Enterprises, the Central Bank of Nigeria says it will disburse the fund through the National Association of Microfinance Banks Unified IT.
The facility introduced by the CBN is a stimulus package to support households and micro-enterprises that have evidence of being adversely affected by the coronavirus pandemic.
NAMBUIT is the integrated platform deployed to service microfinance banks on behalf of the CBN and the National Association of Microfinance Banks built by Inlaks as a unified information technology.
Inlaks Chief Executive Officer, African Operations, Femi Adeoti, explained, “NAMBUIT is Software as a Service platform that reduces operational cost as well as improves the bank’s ability to provide necessary information to agencies such as CBN and NDIC. The unified platform comprises a core banking system and sub-systems for agent banking, non-interest banking, and mobile payment among other systems.
“A core benefit of the NAMBUIT platform is the smooth on-boarding of the microfinance banks into the national payment system lowering the operational costs of MFBs significantly. This has been significant, especially in the context of developing economies, where many low-income households and micro-enterprises do not have ready access to financial services.”