Empowering Financial Inclusion and Growth
Discover how Ekondo Community Bank, established in 1997 with a mission to uplift the economic condition of indigent people, has grown into a leading Microfinance Bank (MFB) serving the people of Cross River State, Nigeria. Through strategic partnerships and innovative solutions, Ekondo has overcome numerous challenges and achieved remarkable success in the highly competitive banking industry.
Challenges
Rising Above the Odds
Ekondo faced several challenges on its journey to becoming a thriving financial institution. These challenges included managing technological deficits, coping with rising operational costs, navigating expansion, ensuring sustainability, and preempting regulatory compliance. These obstacles demanded innovative solutions to drive growth, efficiency, and long-term success.
The Game Changer
In 2014, Ekondo embraced digital transformation by partnering with BankOne, a cloud-based core banking application provided by Qore. BankOne proved to be the catalyst for overcoming challenges and unlocking new opportunities for Ekondo. Here’s how BankOne revolutionized Ekondo’s operations:
Navigating Regulation and Compliance
Driving Operational Cost Leadership and Sustainability
Enabling Growth and Expansion
Through digital self-service channels and a wide range of APIs, Ekondo expanded its reach and increased its customer base without significant infrastructure costs.
Impact in Numbers
Successfully expanded loan book to a value of
since inception.
Achieved customer deposits exceeding
and an asset base of
Proudly serving a loyal customer base of
individuals.
Efficiently processing more than
in annualized transactions through robust digital channels.
BankOne has revolutionized our organization's digital transformation objectives and helped us keep up with the latest fintechs in terms of expanding our digital reach and serving our clients seamlessly. Since Covid, our asset-base has grown at 11.1% Annually!
