Agile Financial Technologies adds Microfinance capabilities to its product stack
Agile FT enables MFIs reach the unbanked
Agile Financial Technologies (Agile FT), a leading provider of software and services to the insurance, banking and financial services sector has announced the signing of an agreement with India based Theme Technologies that would enable Agile FT to acquire Theme’s Micro-Finance, Micro-Credit and Credit Management product stack, in an earn-out mechanism over three years. The products are compliant with CGAP standards.
The products will be rebranded and launched as Agilis Universal Microfinance and will enable Agile FT offer Agilis UMF as both a software platform and as an outsourced service to Micro Finance Institutions (MFIs) in emerging markets.
The immediate thrust will be in Africa, Middle Eastern markets like Saudi Arabia and Egypt and South & S.E. Asian markets including Indonesia, Malaysia, Philippines and Vietnam.
Agilis UMF is an all encompassing solution that enables MF institutions rapidly reaches the under-banked rural populace using mobile and smart card technology. Agilis UMFS includes a comprehensive loan and savings product definition engine, channel interfaces, data repository enabling centralised data processing and management of remotely captured transactions in the field. A compelling feature is an integrated micro-credit scoring and rating engine based on socio-economic factors.
Speaking on Agile FT's entry in the Indian microfinance solutions space, Kalpesh Desai, CEO, Agile FT, said, "From a modest beginning on a pilot basis in 1992, the microfinance industry in India has now touched the lives of more than 50 million people. The need of the hour is to enable delivery of services such as credit, pensions and insurance to this community quickly and efficiently, which is possible only through cost effective yet scalable technology. Agile FT is proud to partner in India's development and progress by launching Agilis UMF and making a positive impact on the lives of millions of people who can benefit through our technology."
With Africa being an important market for Agile FT, Desai said, "The last few years have seen tremendous improvement in understanding and providing financial services to advance development and eradicate poverty, including provision of financial means to save access credit and start small businesses, and finally enhance community development. Agile FT's solutions will enable microfinance initiatives to scale up beyond the 'micro-level' and become a sustainable part of economic empowerment."
With Agile FT’s core insurance offering, Agile FT is able to provide a holistic offering to the insurance sector as well. There is an increasing need to offer MFI members access to micro-insurance products that are community based or led and are affordable and yet provide adequate protection, and Agile FT is now well positioned to enable MFIs provide the same.
Speaking on the occasion, Mr. Kanthimathinathan, MD & CEO of Theme Technologies said, “This relationship is based on the synergy between the two enterprises. Themepro (now Agilis) Universal Microfinance Solution is proven, established and mature with leading institutions such as the Repco Foundation using the same. Agile FT will provide Theme the right global reach in the emerging markets that is required to ensure that MFIs have access to our platform and our technology. Agile FT will leverage Theme’s strong product and domain skills and delivery management in their initiative to reach the market.”
