In Africa, over 350 million of the population faces limited access to basic financial services, contributing to a widespread lack of financial inclusion. While the continent experiences rapid technological advancements, the benefits of digital financial services remain out of reach for many individuals and communities.
In Uganda alone, there are almost 66,000 active savings groups with almost 1.8 million members mostly comprising of women who also double as heads of house-holds. 6,000 of these groups are formed by refugees, amounting to 150,000 refugee members, which is approximately 10% of the refugee population in Uganda.
Prism Savers seeks to extend digital financial inclusion services to the unbanked population by automating the work flows of the savings groups, SACCOs and Micro-Finance Institutions, emerging as a transformative force in the realm of financial inclusion, spearheading efforts to increase access to financial services and empower underserved communities worldwide.
Key Benefits
At its core, Prism Savers is a robust and scalable platform designed to meet the diverse needs of financial institutions, microfinance institutions (MFIs), credit unions, cooperatives and investment clubs. Its modular architecture and flexible design enable institutions to tailor the platform to their specific requirements while ensuring seamless integration with existing systems.
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Enhanced Efficiency:
Members of SACCOs often spend a lot of time in maintaining records. Whenever a deposit is accepted or a loan is approved, they must manually record the information. It takes a significant amount of time and effort for SACCOs. There is a significant chance of an error or a fault in manual processes.
SACCOs can increase their productivity by using a core banking solution to automate entries such as deposits and loans.
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Reduced Costs: Most businesses are being compelled to function with a cost-effective approach due to the current economy. SACCOs can minimize costs while enhancing income with the proper solutions. With a core banking solution, SACCOs would not have to think about security or maintenance expenditures as their solution provider would take care of that too.
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Extended Business Foot prints: SACCOs can use core banking solutions to extend their market reach by automating processes and providing seamless services to unbanked communities in rural and sparsely populated locations.
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Data Analytics: SACCOs amass a large consumer database through the registration procedure. They can make data-driven decisions on product development, loan restructuring, and marketing with the support of a digital solution that has data analytics or business intelligence capabilities.
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Growth with Automation: Automation of processes can help SACCOs boost capacity and increase revenues dramatically. Admins can use their time to churn new ideas and ways to expand as many admin-related activities will be fully automated with a core banking solution. Better growth potential will also result in more members and more profitability.
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Security: SACCOs can benefit from the high-level security and anti-money laundering capabilities of a core banking solution, resulting in a more solid and elevated IT infrastructure with minimal business disruption. This protects SACCOs from losing revenue due to fraudulent activities, which could lead to member loss owing to trust issues.
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