OpenCBS is a FinTech company developing solutions that make banking simple and affordable for smaller financial institutions. Over the past few months, it has been working with FINCA Jordan to digitalise the account opening and loan application process of their clients.
FINCA is a microfinance institution offering loans and other financial services to low income people in Jordan. For most of their clients, receiving a loan from FINCA is in fact the first experience with formal financial services, thus paving the way to their further financial inclusion.
OpenCBS has just made the process of accessing FINCA services faster and more reliable. Using the OpenCBS tablet application, FINCA Loan Officers can quickly onboard clients and improve the turnaround time before loan disbursement.
The credit analysis is partly automated and loan applications can be approved instantly by managers at FINCA branches or head office thanks to live data synchronisation.
The project went live in February and was handled complete remotely due the the Covid-pandemic. OpenCBS is proud to contribute to the financial inclusion of low income people in the MENA region.