RenMoney, a Nigeria-based consumer finance company, has moved its core cloud-based banking systems to Mambu.
RenMoney operates under a microfinance banking licence and offers same-day loan origination and disbursement. The firm says it was the first regional lender in Lagos to use cloud technology from a traditional core banking vendor to lower its operational costs and support product innovation.
Working with Mambu and a technical partner in the UK, RenMoney has now migrated all of its existing customer and portfolio data in less than three months. The company stands to enhance its interest rate calculation reliability, deliver more transparent reporting, and support integrations via Mambu’s APIs to its credit risk decision engine GDS Link.
Graham Lee, CEO of RenMoney, explained: “Cloud technology is being embraced by more financial institutions to increase the speed and agility by which lenders engage their customers. In our search for a flexible, scalable and cost-effective platform, we evaluated a number of solutions and found Mambu to be the ideal partner over our existing cloud-based traditional core banking solution.”
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