A microfinance institution in Nigeria
LARDI (LAPO Agricultural and Rural Development Initiative) a subsidiary of LAPO, Nigeria’s largest microfinance bank that Oradian started working with in 2015. LAPO is a non-governmental organisation (NGO) committed to the social, health and economic empowerment of the underserved and vulnerable in Nigeria.
Growing a microfinance bank in a frontier market
Before implementing Oradian’s cloud-based banking software Instafin, LARDI had specific business challenges that were preventing their growth:
- High cost of growth
- No access to real-time information
- Inability to quickly produce financial reports
- Frequent errors and fraud
- No customer or technical support from the core banking provider they were using at the time
- Manual interest calculations for all repayments
Florence Omofonmwan, Head of LARDI, wanted to enable LARDI to reduce operating costs at its 25 branches at the time, and be able to reach new underserved communities. By starting to use Instafin as their core banking system running completely in the cloud, LARDI no longer needed to invest time in maintenance or long hours of commute to their end-clients – everything became available in real-time, at the click of a button.
Cost efficiency – Accuracy – Growth – 85,000 more people financially included
Instafin’s business intelligence module allows IT managers to build any report on their own and provides more flexibility in terms of working hours. At any moment of the day or night, IT managers can control what is happening in the system and in case of cash discrepancies at a branch, with Instafin, there is no need to close the branch for the calculations to take place – it’s done automatically at midnight every day.
We have seen LARDI reap noteworthy benefits after transitioning onto Instafin. This is due to our platform’s focus on core functionality, transparency, ease-of-use and access to the information needed to manage a business.
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