INTERNATIONAL information technology services provider Sybyl Limited has launched a cloud-based core banking system aimed at providing tailor-made financial solutions to co-operative societies in Zimbabwe.
Sybyl Limited is a Ugandan-headquartered company that offers solutions for Enterprise Computing and Storage Systems, Business Communication and Collaboration Solutions, Enterprise Security Systems and Data Centre Services.
Speaking at a corporate event hosted by the Central Association of Co-operatives Union (Cacu), Sybyl general manager for banking solution Tejaswi Tanjore said the digital banking services offered to Zimbabwean co-operatives will transform the sector as it will eliminate the need for them to go to the bank.
“We offer a 100% web-based system, there are only two services that co-operatives do, they either lend money or take deposits as a civics product. This is what our core banking system does end to end whilst also offering tailor made solutions for co-operatives societies where a co-operative can actually implement a solution in less than two weeks and start registering members online,
“They function exactly like a bank because when you go into a bank you see people on computers and they take your details and open an account, and this is exactly what co-operate societies will be able to do through our solutions,” Tanjore said.
Cacu chairperson Fidelis Gweshe said prior to engaging Sybyl they were facing problems which were attributed to a lack of a modern digital financial system.
“People did not know their financial positions, if people wanted to withdraw their money from the co-operatives, they would have to travel from faraway places and come to Harare and due to this cumbersome process we lost quite a number of members. We also had a challenge at our head office. We could not account for how many resources were contributed by our members and we also didn’t know what our membership was like,” Gweshe said.
“This prompted us to find a system that would enable our members to check their balances on their own and access loans remotely without having to go to the bank thus we engaged Sybyl.”
Due to economic constraints, many sectors in Zimbabwe are forced to use ancient technologies that lead to corruption and serious red tape amongst other challenges.
Disruptive Technology CE Doug Mamvura, whose company is also partnering Sybyl, said the digital financial services offered by Sybyl would revolutionise the co-operative sector in the country.
“We want to transform co-operatives and their businesses will grow, in fact they will have more members because the system we are offering to them will provide transparency and accountability,” Mamvura said. “The other advantage we are offering to co-operatives is that they do not have to invest in servers or computers in order for their businesses to become digital and this will enable them to reach out to many more members. Co-operatives can easily grow their members to three-four million.”
He also added that the system will enable co-operatives and NGOs to track their money so as to ensure that it does not get abused.
“We have NGOs here, they have serious challenges whereby they give some of our colleagues money to buy for example some inputs but in some cases that money ends up in beer halls,” Mamvura said. “We now have a system that can account for and track every cent that you would have lent to anyone which is very advantageous to them.”
A mobile app of the system will also be installed on cloud to ensure that users get a tailor made solution. Other partners of the initiative include NetOne, Umtanashi Finance and Zimbabwe National Co-operative Federation.