Agile Financial Technologies launches Agilis Universal MicroFinance Software

Lagos, Africa, 9th June, 2009: Agile Financial Technologies (www.agile-ft.com), 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).

Agile FT intends launching the product this month in Nigeria to service the 800 registered Micro Finance institutions. Agilis UMF is an all encompassing solution that enables MF institutions rapidly reach 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 African microfinance solutions space, Kalpesh Desai, CEO, Agile FT, said, "The success of a Microfinance Institutions initiative to reached the unbanked population is dependent on the ability of the institution to deploy easy to use technology that is affordable and reliable. In Africa, the formal financial system services about 35% of the economically active population while the remaining 65% are considered unbanked. Agilis Universal Micro Finance Software will enable the 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 Africa’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. 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.

“We are seeking to tie up with key institutions in the ECOWAS and COMESA regions. Our immediate focus will be to launch these products in Nigeria in West Africa, and Kenya and Uganda in East Africa”, added Desai.