HEAD OFFICE: 163B Sinari Daranijo Street, Off Ligali Ayorinde Street, Victoria Island, Lagos, Nigeria West Africa. HOTLINES: 09060443062, 09060440642, 08027299722, 08026459430, 07019565127, 01-2932072. WORK HOURS: Mon - Fri 8:00am-5:00pm.

Using the Power of IT and Technology to Reach Scale

A key factor to be more successful in scaling the microfinance industry efficient is to use the power of IT technologies. Technology is essential to reach new people, controlling risks make the business sustainable and more effective due to the costs. With mobile phones, ATM machines and other new innovations the possibilities are unlimited to provide financial services more efficient to the unbanked people. Once improved the technology more “unbankable” are reached.

In Nigeria, there are people who go round taking money from other people in their Business/Job places. where they accept the money as deposit and save it for the people. This kind of agreement between the inhabitants of the respected area and the people going round to collect their money establishes a trust between them. The whole idea is the same which is deposit taking and saving, but what remains interesting here is that in some cases, there is an issue of miss-trust.

In order to bridge this gap, We at Verite Microfinance Bank, came up with our innovative App. called the BBM, This service is very transparent. you pay on the stop, you receive alert on the stop. The account of the Individual is credited on the point of payment by our Mobile Teller, mind you we are leveraging on the power of Information Technology.