Finplus marks two years of bridging the financial access gap in East Africa

Finplus marks two years of bridging the financial access gap in East Africa

Finplus a member of the Nairobi Garage Community and a company that connects existing Financial Service Providers with the technology required to improve their operational efficiency and extend their reach, enabling these financial services to touch the lives of everyone – especially those living in remote areas has marked two years of its operation.

Living to its mission of making financial services universally accessible, the Finplus platform has been able to disburse over $120M,  link over 50m mobile wallets , disburse over 550K micro-loans, serve over 152K loan borrowers and has had 103K man-hours saved.

Highlighting its greatest achievement in the two years, Wilson Kageni, CEO Finplus said that the company had developed a cloud-based software that allows financial institutions to operate like hyper-efficient fintechs so they can grow faster and reach more people, creating more financial options for underserved populations. He also thanked Nairobi Garage home to Finplus from the beginning.

” It’s still early days but 24 months after we started working on this goal we’re seeing some progress that makes us optimistic,” he added.

According to the World Bank, over 2 billion adults worldwide currently lack access to formal financial services. 73% of them live in 25 countries, all emerging markets across Africa, South America and South Asia.

Despite these huge number, statistics also show that are over 36,000 Financial Services Providers (FSPs), from Banks and Microfinance Institutions (MFIs) to Credit Unions (SACCOs) and Financial Services Associations (FSAs) that are all independently working towards providing both for-profit and non-profit financial services to as many people as possible.

However, they are facing several serious challenges, chief among them: Low capital efficiency, Broken processes and Underdeveloped ecosystems. We believe that these particular challenges can be overcome through innovative approaches supported by the right technologies.

So instead of re-building the wheel, Finplus combines the power of its robust digital finance technologies with the existing infrastructure of Financial Services Providers globally to accelerate progress towards the goal of universal access to financial services, with a primary focus on the 25 countries that are home to 73% of the world’s unbanked adults

As a first step towards solving this problem, Finplus provides automation software for easy management of digital finance operations at scale.

The Finplus platform makes it easier and significantly more cost effective to provide or expand Digital Financial Services in any market by automating significant parts of a financial service provider’s front & back-office operations.

They also handle all the repetitive heavy lifting so Financial Services Providers can focus on their core business and serve as many people and businesses as possible, with universally accessible offerings & faster, more innovative service delivery methods.

With its operations in Kenya, Tanzania and Uganda Finplus software looks forward to serving over 1,000,000 people and save Financial Services over 300,000 man-hours.

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