LARDI visits Oradian at Zagreb headquarters

Recently, LARDI (LAPO Rural Development Initiative) came to visit our headquarters in Zagreb. LARDI is a subsidiary of LAPO, Nigeria’s largest microfinance bank that Oradian started working with in 2015.

Our Tech Team was interested in hearing first-hand about the specific challenges that LARDI had before implementing Oradian’s cloud-based banking software Instafin and the benefits that came after implementation.

LARDI visits Oradian's Zagreb headquarters

Oradian team: What were the major challenges of your operations before implementing Instafin?

LARDI’s Managing Director: Our mandate was to ensure that people in rural areas were given financial services. As our operations began to expand at LARDI, things became clear to us. Our three major challenges were:

  1. The timely collation of reports – because we are present in rural areas and these rural areas are far apart from each other. At times, you could spend three hours, four hours transporting to our end-clients.
  2. The high cost of monitoring our portfolio performance became even higher for us.
  3. The ability to collate our data – that was a big challenge for us.

We needed a software that could help us, that was real-time, cloud-based and affordable. We needed to be sustainable.

Reduced costs

  • Since the commencement of Instafin, the cost of our operations has reduced. How? Because we operate in rural areas, people travelled just for monitoring. Going to these rural areas was a high cost for us. Since we started using Instafin, at our office, we just look at the information on Instafin and we know which area we need to visit. So, our cost of operations has dropped because we can know and see all the transactions live.
  • Our paperwork reduced. Before Instafin, we were working manually.
  • The speed of collecting our data. Before Instafin, we had to travel. Now, if I need any information, all I need to do is to tell IT and in less than an hour, I’ve already got my report.

Better portfolio management

  • Now we can monitor our portfolio. Before, we had to wait until the end of the month before we could tell you how the portfolio is performing. Now, we can click instantly and see our transactions, and we can see it on a daily basis.
  • Institutional performance. We operate in 19 states of Nigeria and we can get the information about all the transactions that are going on in those 19 states, which – before Instafin – took us forever.
  • Loan performance – we can use Instafin to know our different types of loans, which one is performing better than the other.
  • For client data management. Before using Instafin, the total number of clients that we had was difficult for us to tell you, but we can tell you now.
LARDI visits Oradian's Zagreb headquarters

Oradian team: When we talk about implementation, how long did it take you and the Oradian Customer Success Team to implement Instafin? What was the process like for your team?

LARDI’s IT Manager: The implementation was so easy. Oradian had a system for data migration and it was very, very easy.

LARDI’s Managing Director: Oradian’s team came to train our IT and we’re always getting new updates which helps us.

LARDI visits Oradian's Zagreb headquarters

“With the new updates that we keep seeing, we know that things will get even better. Oradian, don’t get tired of hearing from us because we want to be at the competitive edge with MFBs and commercial banks so that they know that we have good technology that we’re using. We want to make sure that our financial services become more efficient and effective.”

Florence Omofonmwan, Managing Director at LARDI

Ready to expand your microfinance institution like LARDI?

Oradian’s customers are visionary financial institutions that are ready to grow and serve more clients. We deliver a cloud-based core banking system for rural banks in all regions of Nigeria. With Oradian, you can face the future with confidence.