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Vision Fund invests in banking software

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Vision Fund Malawi (VFM) has said it is committed to driving financial inclusion by investing in Temonos-T24 R14 core banking software.

This follows news that Vision Fund has invested in a multimillion T24 core banking software project to ease financial access for the rural community.

Vision Fund Business Development, Integration and Social Performance Manager, Samson Mwalungila, said Tuesday in a statement that, as a prudential regulated microfinance institution, they decided to re-engineer its business processes by integrating the modern banking technology.

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“In the process, the back-end transactions have been shortened to a click of a button leading to clients quick access to financial solutions from the institution,” he said.

Mwalungila said the institution has now rolled out the core banking in all branches across the country.

‘‘We want to improve customer experience with quick, paperless and more secure customer transactions through T24, especially for the rural community’’.

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‘‘The system is good because it has simplified processing of rural customer loan products from the institution through linkage of T24 with their respective commercial banks.

“At the same time, Vision Fund is integrating the mobile platform to the technology that will allow clients to make financial transactions at their backyard in the village’’.

Vision Fund Malawi is a non-deposit taking microfinance institution that aims to change the lives of children living in poverty through access of financial services to the underprivileged households.

Currently, Vision Fund is operating 19 branches in 22 districts across the country offering affordable business and agriculture loans to both individual and group customers.

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