- Industry: Microfinance Banking
- Location: Nigeria
- Challenge: Manual lending processes, inefficient loan disbursement, and limited access to credit
- Solution: Recova, Qore's 360° lending automation platform
Overview
e-Barcs Microfinance Bank Limited, a Nigerian financial institution, provides financial services to the economically active poor and underserved populations. By partnering with Qore to implement Recova, e-Barcs MFB has streamlined its lending operations, reduced risks, and expanded access to credit.
The Challenge
Manual processes resulted in:
- Inefficient loan disbursement
- Inconsistent credit assessments
- Delayed disbursements
- Limited access to credit
The Solution
Recova has digitised the credit lifecycle, enabling:
- Automated credit appraisal
- Reduced loan processing time
- Strengthened internal credit controls
- Expanded access to credit
Results
Significant Outcomes Include:
- Over 49% increase in revenue Loan processing time reduced from days to minutes
- Stronger internal credit controls, reducing risk exposure
- Doubled lending volume, driving business growth and financial inclusion by empowering more individuals and small businesses to access credit and thrive.
- Improved staff productivity, with manual tasks eliminated
Impact
The automation of lending processes has transformed e-Barcs MFB’s business operations, enabling the bank to:
- Scale lending operations efficiently
- Enhance customer experience with faster loan processing
- Mitigate risk with robust credit controls
- Focus on strategic growth initiatives
Conclusion
By leveraging Recova, e-Barcs MFB has achieved remarkable growth in a short time and set a new standard for digital transformation in microfinance, demonstrating the potential of technology to drive financial inclusion and economic empowerment.
