Indigeneous banking and financial technology solutions provider, AppZone has set a six month target to open over 70, 000 new accounts for Sterling Bank to service customers outside the traditional branches. Upon sealing a deal with Sterling Bank to use its financial technology solution ’ CreditClub’, AppZone is determined to also achieve a total deposits of N1billion within a limited pilot phase.
The CreditClub technology addresses branchless banking challenges by providing a robust software core and embedded core banking application that seamlessly integrates with portable mobile phones and Point of Sale(PoS) devices as well as third party core banking applications.
The solution also offers mobile banking self-service applications and functionality for issuing and managing debit cards. This banking solution is expected to create inclusion by extending the bank’s services, leveraging AppZone’s shared core banking and agent network to exploit the opportunity for customer acquisition and liquidity growth as well as to significantly increase operating margins through low cost and relatively stable savings funds, the company said.
CreditClub , an alternative banking channel solution developed for licensed deposit money banks with primary application in the area of delivering basic banking services to remote customers outside traditional branches, is currently being used by some banks, which includes Diamond Bank for its diamond Beta savings product.
The banking technology solution is a flagship product of AppZone limited; a Nigerian software company that was established in 2008 and has grown to become Africa’s No. 1 provider of home-grown software solutions for the financial services industry. AppZone creates disruptive solutions that expand the scope and competitiveness of institutions in the financial services industry and then delivers these solutions using agile technology and global best practices.
The product roll-out and market activation have commenced since February 1, 2016. The pilot phase of the agreement is in 10 market locations cutting across five states including Lagos, Oyo, Imo, Abia, Kwara and Anambra.