Wednesday, September 03, 2008

Nirph microfinance solution hits market

Information Technology (IT) firm, Nirph Digital, has hit the market place with an identity solution, Microfinance Technology.

The firm said it tends to revolutionize the nation’s microfinance industry with the customization of its identity solution to meet the specific needs of all microfinance institutions nationwide.

The solution, known as Nirph Microfinance Technology, a Customer Identity Solution (CIS), according to the chairman and chief executive officer, Nirph Digital, Mr. Bamidele Asorona, was designed to explicitly remove multiple identities, track customer lending and assist credit bureaus in profiling.

The product, already tested in other parts of the world, he said, complied with Know Your Customer (KYC) requirements of the Central Bank of Nigeria (CBN) a and has the capacity to attract both local and foreign investment into the country.

He added that the firm decided to offer the microfinance sector of the nation’s economy this unique product based on the desire to make the economic activities in the country more active.

Mr. Asorona noted that most of the current microfinance institutions in the country today have grown from the old community banks, many of which closed shops due to the challenges of identity fraud.

“This particular challenge made it possible for fraudsters to collect loans from different community banks at the same time using different identity. The inability of the community banks to track those fraudsters within the system led to the collapse of many of them,” he said, stressing that in order to avert this, Nirph CIS software for microfinance was introduced.

Each package, he pointed out comes with a software installation compact disc (CD), digital pan and zoom Nirph camera and a fingerprint scanner.

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