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Why is a Digital Transformation being Important to your Financial Business?

A ‘financial system’ is a system that allows the exchange of funds between lenders, investors, and borrowers. Financial systems operate at national and global levels. … Money, credit, and finance are used as a medium of exchange in financial systems.

The role of the financial system is to gather money from businesses and individuals who have surplus funds and channel funds to those who need them. The financial system consists of financial markets and financial institutions. … List the two ways in which a transfer of funds takes place in an economy.

The financial sector in Tanzania has undergone substantial structural change since the 2003 FSAP. Financial sector assets have expanded rapidly, led by growth in private credit. Yet the banking system remains small and relatively inefficient, and access to finance remains very low.

When fintech emerged in the 21st Century, the term was initially applied to the technology employed at the back-end systems of established financial institutions. ​Since then, however, there has been a shift to more consumer-oriented services and therefore a more consumer-oriented definition. Fintech now includes different sectors and industries such as education, retail banking, fundraising and non-profit, and investment management to name a few

The solution can be summed up in two words: digital finance, the idea that individuals and companies can have access to payments, savings, and credit products without ever stepping into a bank branch. Digital dramatically lowers the cost of providing financial services. Thus; Fintech evolves.

Fintech may also be referred to as the integration of technology into offerings by financial services companies in order to improve their use and delivery to consumers. It primarily works by unbundling offerings by such firms and creating new markets for them.

Broadly, the term “financial technology” can apply to any innovation in how people transact business, from the invention of digital money to double-entry bookkeeping. Since the internet revolution and the mobile internet/smartphone revolution, however, financial technology has grown explosively, and fintech, which originally referred to computer technology applied to the back office of banks or trading firms, now describes a broad variety of technological interventions into personal and commercial finance.

FinTech allows people to conduct transactions through their mobile phone or tablets, improving efficiency and customer experience. Data aggregators can synchronise financial data from various sources and integrate bank accounts from different financial institutions — reducing compliance costs for business.

Amala App Suite covers your financial system requirement as your SACCOS and Microfinance may need. It is upon the Tanzanian government requirement as provided in the Microfinance Act of 2019 and the Cooperative Societies Act, 2017 which both requires financial operations to be handled in a digital system. These laws require these institutions herein referred to comply with this requirement. And as much as the digital transformation is necessary Amala App Suite provides easy, affordable and quality services.

Amala App Suite has a team of professional experts who will take you through the system and all-time present to support you whenever you use Amala App Suite. Visit now https://amala.co.tz to get an affordable solution to your business today.

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