Financial inclusion means that individuals and businesses have access to useful and affordable financial products and services that meet their needs, transactions, payments, savings, credit and insurance, delivered in a responsible and sustainable way.
In Tanzania the initiative to develop the financial inclusion originates from the National Microfinance Policy of 2017/18 – 2027/28 which among its major resolutions comes in place with the enactment of an Act of Parliament; The Microfinance Act to give the road mad and the regulatory framework of the financial services in Tanzania in modern environment and technological advancement economic era.
This is to make sure that comes 2027/28 the financial institutions in Tanzania operates not only in a modern way of operations but with standards that both the benefits are reaped by all the sectoral stake holders. The is why FI systems are important for financial institutions.
The initiative seeks at Unlocking financial institutions’ operations.
This unlocks from the local manual way of handing financial activities to the digital way of operation. Many of the microfinance service providers in Tanzania especially SACCOS and VICOBA still use manual ways of handing their financial activities. This leads to occurrence of a lot of human errors that in one way or the other, affects the books of these institutions. Hence developing the financial inclusion activities means letting these institutions too, however of the small scale, can handle and be able to digitalize their operations in accordance with the provisions of the regulations and the laws governing.
Give credibility of the financial institutions to their clients.
Financial Institutions of all scales are so delicate institutions and require superb and effective means of managing their operations. The Microfinance Act despite of requiring time to time report and evaluation of these institutions, but they have an obligation to keep their operations stable and non-doubted. One way of doing that is by making sure they digitalize their operations through financial Inclusion systems that will keep track of their information in accuracy hence reduce and definitely remove an occurrence of manly or human errors that are most likely happening in these microfinance service providers, many of Tier 2, 3 and 4. Which comes to effect by November 2020.
Amala Core Banking is financial inclusion system that offers the affordable and quality, premium support to the financial institutions in Tanzania and all over. It is the system designed in such a way to meet the demands and expectations of the financial institutions in Tanzania. With Amala Core Banking an institutions needs not to worry about Loan Management, Savings Management, Clients management, and Share management. It is integrated source of information such as NIDA where an institution can now verify it loans seekers through a database to get to know of their identities, maximum level of security of data and adhere to the institutions confidentiality. SMS campaigns as one way of keeping track and reminder of unpaid loans and information sharing, all these in one best financial inclusion software Amala Core Banking. Our customers are our priority and it is to that course we seek day and night to add value to their business.