Nisir Microfinance Institution to Choose ICS BANKS from ICSFS to Drive its Growth in Ethiopia

  • Islamic Finance
  • 06.01.2020 06:24 am

Nisir Microfinance Institution (Nisir MFI), an innovative and growing microfinance institution in Ethiopia, has selected ICS Financial Systems Limited (ICSFS), the global software and services provider for banks and financial institutions, to be its technology partner in providing a turnkey project, delivering its ICS BANKS Microfinance solution.

Along with its Headquarters, Nisir MFI has 5 branches in Addis Ababa, Ethiopia. Based on Nisir’s current and future expected growth, a microfinance solution is needed in order to automate the operations of the institution. Nisir MFI decided to procure a comprehensive and agile core banking system last year, the end of November 2018, where it published an RFP, and have shortlisted five global leading vendors. In conclusion, ICSFS was mainly chosen for the rich system features and capabilities that will support Nisir MFI in their future growth plans.

Mr. Dawit Wakgari, Chief Executive Officer of Nisir MFI, said:

“We started to look for a solution that is seamless and agile, to cover all our needs and help us in delivering innovative and modern technology to our customers.” Wakgari continued “We went through all the bid processes, ICSFS was one of the vendors that were shortlisted. We chose ICSFS because they showcased best in technicality as well as financially, and support in achieving our growth plans. We look forward to building a long-lasting relationship and partnership with ICSFS, as we are confident that ICSFS will deliver a successful full turnkey project.”

Nisir MFI’s Project Manager; Mulugeta Embiale commented:  

“ICSFS has been selected as a CBS vendor, to Nisir MFI because it was the most evaluated vendor that showed commitment and willingness to support us in delivering our roadmap, along being one of the best technical and financial proposals provided, also in addition, they were “the best” in responding to all our requirements, and responsive to provide feedback whenever they are expected to do so. We are lucky to have them; we are working with them and already have started a kick-off meeting. We believe that we will be having the best CBS implementation project ever.”

Robert Hazboun, Managing Director at ICSFS said:

“Nisir Microfinance Institution marks our first Microfinance reference in Ethiopia. The selection of our ICS BANKS Microfinance solution is a proven testament to ICSFS’s true and clear differentiator among its peers. We are prepared to provide our expertise and insights to help Nisir Microfinance grow and achieve a competitive advantage in the Ethiopian Microfinance Market. Our solutions are constructed on a secured and agile integration which is of vital importance to our customers.  We congratulate Nisir Microfinance Institution for wrapping the selection stage and are looking forward to working together on this full turnkey project.”                                                                         

ICSFS invests in its software suites by utilising modern technology in launching new products, constructing a secured and agile integration, and keeping pace with new standards and regulations worldwide. ICS BANKS software suites future-proof banking activities by providing a broad range of features and capabilities with more agility and flexibility, to enrich customers' journey experience, hence improving the trust and confidentiality between the customer and the bank. ICS BANKS has always been a pioneer in utilising the latest technology to serve financial institutions. In addition to its embedded Service-Oriented-Architecture (SOA), the system can be deployed on-premises or in the cloud.

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