Rural Credit Finance (RUCREF), a microfinance firm in Uganda, has agreed to a UGX 450 million (USD 230,000) deal to integrate Neptune Software Uganda’s “Orbit Banking” financial system.
The upgraded system will deliver distributed, region-based solutions to the needs of the microfinance institution. With the new investment in technology, RUCREF has stated publicly its expectation of raising its loan portfolio from UGX 475 million (USD 245,000) in 2006 to UGX 2 billion (USD 1 million) in 2010. It also expects to expand its clientele base from the current 6,200 to 20,000 by 2013.
“This technology will enable customers enjoy SMS and e-banking. It will also network all our branches in Bukesa, Kireka, Wobulenzi and Ngoma,” Moses Kasasa, the general manager, said in an interview.
By Jay Kumar, Research Assistant
Additional Resources:
1.) http://www.newvision.co.ug/D/8/220/707346
Similar Posts:
- MICROCAPITAL BRIEF: Bboxx Acquires Peg Africa, Expanding Solar Energy Footprint, Product Lineup
- MICROCAPITAL BRIEF: To Fund Biogas Digesters, Cookstoves in Kenya, Sumac Microfinance Bank Borrows $2m from Spark+ Africa
- MICROCAPITAL BRIEF: Jeevan Bikas, Pula, UNCDF Partner on Index Insurance for Farmers in Nepal
- MICROCAPITAL BRIEF: DEG Loans Husk Power $750k for Solar Microgrids in Nigeria, India
- MICROFINANCE EVENT: Sa-Dhan Conference on Financial Inclusion; November 14-15, 2022; New Delhi, India