Kenya-based Software Group has partnered with BRAC Uganda Bank Ltd. (BRAC) to rollout market-leading agency banking digital platform.
Software Group’s technology will support the bank’s plans to extend its outreach to under-served areas through agency banking, providing highly convenient, digital financial services closer to customers.
Adopting the market-leading agency banking platform, the bank will be offering a rich set of services to go live during the course 2021, available outside of normal office hours and close to where their customers are, providing greater convenience, boosting trust during the COVID-19 era by reducing in-branch congestion, and mobilizing customer deposits while reducing operational costs.
Delivered in an AGILE delivery model, which enables a rapid time-to-market, Software Group’s agency banking platform allows BRAC to scale its points of sale rapidly without investing in costly branch and ATM networks, as part of its financial inclusion agenda to engage with a wider customer base.
“We are delighted to partner with Software Group and leverage their market-leading agency banking solution with financial support from World Saving and Retail Bank Institute (WSBI). Delivering financial services to 84 districts and over 200,000 microfinance members via our agent network helps save lives, to stop the spread of COVID-19 and supports our sustainable development goals in Uganda,” said William Mawejje, Deputy CEO and COO for BRAC.
Craig Albertson, Business Development Director Anglophone Africa at Software Group commented, “We are proud to partner with BRAC Uganda Bank Ltd. in achieving their ambitious outreach goals and significantly enhancing customer experience. Moreover, utilizing digital solutions such as agency banking plays an essential role in preventing the spread of COVID-19, as it will avoid the need for the bank’s customers to queue in branch offices and help them manage social distancing.”
Agency banking is one of the fastest growing digital financial channels in Africa allowing banks to offer digital banking products and services outside of traditional banks, through 3rd party vendors such as shops or roadside kiosks. Recognized by leading research and advisory company, Celent, Software Group’s agency banking solution is the most robust and mature software of this type in emerging markets, currently implemented in more than 15 countries across Africa.
BRAC Uganda Bank Limited is a credit institution regulated by Bank of Uganda. The Bank was formed through the transformation of BRAC Uganda Microfinance – a Tier 4 financial institution that was initially a social development intervention program of BRAC Uganda NGO. Its initial license was to operate as a regulated credit institution issued in March 2019, thereafter the Bank was launched in April and officially opened doors to the public in June 2019. BRAC boasts a network of 163 branches across 84 districts in Uganda. 32 of these are fully networked branches while 131 are satellite offices. BRAC also has offices in South Sudan, Tanzania, Sierra Leone, Rwanda and Liberia.
Software Group is a global technology company focused on developing and offering software solutions that help financial service providers digitize and successfully go through the process of digital transformation. Founded in 2009 and headquartered in Sofia, Bulgaria, it currently serves a worldwide client base in more than 70 countries. Its main operations include the development of innovative software products that facilitate access to financial services and increase the efficiency of financial institutions.