Digital bank FairMoney Join Forces With Oradian to Fast Track Market Growth

To support its next phase of expansion and product innovation, FairMoney, a credit-driven mobile banking network for developing nations in Africa and Asia, has teamed with Oradian, a cloud-based core banking system.

Oradian provides financial services to over 10 million users, collaborating with more than 50 tech lenders, banks, and finance firms in 13 African and Asian nations. Customers may manage their bank accounts, conduct business around the clock, make investments, and have access to the right financing with their solution, which is designed to meet the demands of increasingly expanding markets.

“It needs a particular breed of core system to be able to innovate quickly, with solutions that the market requires, while being compliant with changing rules in many varied markets,” said Antonio Separovic, CEO of Oradian.

“All of these are actual, daily issues in the back office that are frequently disregarded by customers because they are hidden from view. However, we are aware from working with a variety of financial consumers that these difficulties are very real and, in certain situations, impossible to overcome without the proper tools and a knowledgeable partner.

These markets face a particular set of difficulties, including as the requirement for local regulatory-compliant financial goods, the capacity to function in low-bandwidth settings, the necessity for rapid scalability, and the requirement for continuous availability.

For three factors, FairMoney selected Oradian. First and foremost, they have the flexibility to design their architecture to include solutions to these market concerns. Second, they have the capacity to support FairMoney’s expanding operations, special expertise in credit evaluation, and product innovation. Thirdly, Oradian’s solution is “plug and play” and requires minimum fundamental backend investment.

VC investments in African start-ups increased to US$2 billion (£1.74 billion) in 2021, of which US$1 billion (£0.87 billion) went to fintech firms, reiterating the need for adaptable financial infrastructure throughout the continent.

Despite the fact that it is commonly acknowledged that this group has the greatest need and the greatest potential for growth, traditional banks have been hesitant to issue microloans to consumers and enterprises without collateral.

At the same time, financial services that offer both working capital and consumer loans are in high demand in Africa and Asia’s rising economies. Companies who can act swiftly and take advantage of recent technical advancements in emerging economies, like the switch to cloud banking, have a lot of opportunity as a result.

Those that can swiftly and efficiently meet the needs of both the individual consumer and the micro, small, and medium-sized organization (MSMEs) segments at scale will be the victors.

FairMoney has succeeded in carrying out this mission: two years after its creation, the business surpassed competitors to become Nigeria’s top credit-led digital financial institution.

FairMoney CEO Laurin Hainy added the following to his analysis of the development:

“Bridging the financial inclusion gap in emerging nations is our ultimate objective, and we are aware of the importance of partnerships and collaboration in making this a reality.

“Since FairMoney’s founding, we have remained committed to serving our present markets with top-notch financial solutions, giving consumers the much-needed access to credit and fundamental banking services.

We made the decision to work with Oradian in order to take advantage of the already in place infrastructure and reliable system performance in order to scale our solutions to new markets where they are required and enhance current offerings in our current markets.