VisionFund International to standardise core banking tech with Musoni
VisionFund International (VFI), an international microfinance group with a network of 32 MFIs, has signed for new core banking software, to be rolled out group-wide over five years.
The technology will be provided by Musoni, a specialist provider of cloud-based software for MFIs in the emerging markets. Musoni originates from Kenya (its founders launched the world’s first 100% mobile microfinance institution in Kenya in 2009) and is headquartered in the Netherlands. It was launched in 2013.
Musoni stands for “mobile usoni”, which means “mobile future” in Swahili.
“Our goal is to revolutionise the way financial services are delivered across the globe, and in doing so to improve the lives of the unbanked,” the company states.
The five-year project at VFI is part of the microfinance group’s donor funded, multi-year digitalisation strategy.
“We’re excited to be working with Musoni as part of our programme to standardise core banking systems across the VFI network,” comments Tom Allen, VFI global director of change and programmes.
“We’re looking forward to rolling out the system to more of our organisations, reducing manual processes for each and improving visibility across the network at a head office level. Upgraded technology will enable us to expand and deepen client outreach and impact.”
The first country is Myanmar, where VisionFund Myanmar (VFM) is the country’s second largest MFI with 200,000 customers and 51 branches.
Over the next few months the Musoni System will be rolled out across VFM’s branch network, followed by digital services such as the Musoni tablet application, SMS module and mobile money integrations.
The system has already been translated into Myanmar language and includes all regulatory reports as standard. Support is provided in local language during Myanmar working hours.
The project is being carried out together with a local tech company and Musoni’s partner, ThitsaWorks.
Guerol Sari, COO of VFM, says: “Musoni is an excellent core banking system perfectly suited to supporting VisionFund’s digitalisation strategy.
“What we like about Musoni is that aside from the user-friendly and robust core banking system, they have pioneered the use of digital financial services in microfinance and already include tablet and mobile apps as standard. This is in line with our social mission to increase access to affordable financial services in underserved communities across Myanmar.”