Displaying items by tag: SACCOS
Financial technology is the technology and innovation that aims to compete with traditional financial methods in the delivery of financial services. It is an emerging industry that uses technology to improve activities in finance
The advent of smart analytics allows financial services companies to mine the wealth of consumer data to understand and service customers better. Technology has also helped organizations develop innovative financial services. The development of better payment systems is a key challenge for organizations.
We are very happy and pleased to successfully release another major version of our awarding Amala Core Banking system for FinTech, especially in financial inclusion of the unbanked and underbanked community in Tanzania a platform based on Apache Fineract and Mifos.
In this release of Amala we have shipped in the following key new features among others:-
- Agent banking
- Apex body
- Community Financial Group
In a competitive setup, by definition, many firms contend for a limited market share. In the financial sector, in particular, competition greatly affects consumers’ wealth and financial soundness of banks (Bikker and Bos, 2005). The competition also affects the quality and diversity of products and productive efficiency of financial institutions (Claessens and Laeven, 2005). In the globalized microfinance industry, where competition has become increasingly severe, especially among the MFIs in Tanzania and East Africa at large.
Technology is an important driver in the maturing microfinance industry. Microfinance providers, microfinance institutions (MFIs) of all tiers, provide financial services to the poor that are critical for eradicating poverty and promoting economic development in developing nations.