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Kenya selects Nigeria’s reconciliation solution - ITREALMS

The Kenya Women Microfinance Bank (KWMB) has selected a Nigeria-based automated accounts reconciliation solution, CLIREC, reports ITREALMS.

This development, ITREALMS gathered will address identified needs for a more efficient and effective accounts reconciliation practices across the institution.

The managing director and CEO of Precise Financial Systems (PFS), Nigeria’s leading fintech firm, Dr. Yele Okeremi, explained why Kenya through KWMB has selected its automated accounts reconciliation solution, CLIREC, to address identified needs for a more efficient and effective accounts reconciliation practices across the institution.

Dr. Okeremi said reason for the project was to deploy a reconciliation solution that would facilitate a reduction of the turnaround time of the reconciliation process in KWMB.

“The reconciliation will enable Kenya Women Financial Trust to increase its operational efficiency by providing a faster resolution to unprocessed items, customer queries and improve responsiveness among other benefits”, he said.

He said the bank had identified its peculiar needs to include faster resolution of unprocessed items, faster resolution of customer queries and improves responsiveness; achieve a near real-time scenario of the reconciliation process, timely reporting to management and automated escalation of long outstanding items.

CIO of KWMB, Mr. Kibet Kipkemoi, attested to Okeremi’s statement, saying that the bank selected PFS’ Clirec because of its records of accomplishment in solving complex reconciliation challenges with its simple processes.

“Clirec was picked as the preferred applications after rigorous selection process by our team and consultants who evaluated all available solutions. We are confident that Clirec will meet all our reconciliation needs. “

Chuks Egbune/GEE

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