LAPO Agricultural and Rural Development Initiative (LARDI)

Before implementing Oradian’s cloud-based core banking platform, LARDI faced some specific issues that made growing their business and meeting their customers’ needs difficult. Those included:

• High cost of growth
• No access to real-time information
• Inability to quickly produce financial reports
• Frequent errors and even the risk of fraud
• No customer or technical support from their previous core baking provider
• Time-consuming manual interest calculations for all repayments.

The initiative came from Head of LARDI, Florence Omofonmwan, whose chief aim was to reduce operating costs at LARDI’s 25 branches. She believed this would help them reach new and undeserved communities in Nigeria.

By implementing Oradian’s core banking system, running completely in the cloud, LARDI no longer needed to invest time and money on maintenance, and could avoid lengthy travel times on unpredictable infrastructure to reach their end-clients. Everything became available in real-time and at the click of a button.

The result was dramatic: greater cost efficiency, accurate data collection, and 85,000 more people financially included.

Oradian’s business intelligence module allows IT managers to build any report on their own, and provides more flexibility in terms of working hours, making it ideal for delivering to underserved communities.

Furthermore, at any moment of the day, IT managers can control what is happening in their system, and automatically rectify cash discrepancies at a branch, meaning there is no need to close the branch for the calculations to take place – it’s done automatically at midnight every day.

Oradian’s focus on core functionality, transparency, ease-of-use and access to information means microfinance institutions like LARDI can truly reap the benefits. It demonstrably promotes growth and empowers financial inclusion in the communities that need it most.