INTMAX, a provider of blockchain solutions, has announced a strategic partnership with two Microfinance Banks (MFBs) in Nigeria—Above Only Microfinance Bank and Source MFB. This collaboration aims to advance financial inclusion and streamline operations in the banking sector, thereby enhancing the accessibility of financial services across the region.
The partnership is centred around the training of bank staff using state-of-the-art blockchain technology, as the partners believe that these solutions can democratise access to financial services. Philip Asaya, senior coordinator and country representative for INTMAX, articulated the significance of this initiative, stating, “Blockchain has the power to democratize access to financial services. Our partnership with these Microfinance Banks reflects a commitment to driving financial inclusion and empowering institutions with the tools to thrive in the digital age.”
Asaya further elaborated on the transformative potential of blockchain for Microfinance Banks, indicating that the collaboration intends to fundamentally alter their roles within the digital economy. By leveraging advanced technologies, the partners aim to streamline processes, boost transparency, and elevate consumer trust in the financial system. He added, “Blockchain technology offers immense potential for transforming traditional banking processes. By integrating this technology, financial institutions will gain tools to simplify loan disbursement, enhance customer onboarding, and optimize asset management. These solutions will not only improve efficiency but also reduce operational costs, positioning the banks as leaders in digital financial services.”
The partnership aligns with broader trends in the adoption of blockchain technology within Nigeria, as highlighted by Simeon Ogunnubi, CEO of Pengage Finance. He noted that the collaboration with INTMAX is part of a larger vision to accelerate blockchain adoption and establish a tokenised economy in the country. “By collaborating with these forward-thinking MFBs, INTMAX will introduce innovative financial products tailored to meet the needs of underserved communities,” Ogunnubi stated. These products could include blockchain-based lending models, smart contract-enabled savings plans, and digital asset management systems which aim to create new economic opportunities for both individuals and businesses.
INTMAX’s strategy includes tailored training programmes designed for the staff of Above Only Microfinance Bank and Source MFB. These initiatives aim to nurture a culture of innovation, empowering the banks to deliver advanced services to their customers in an increasingly digital landscape. The MFBs involved emphasised that their collaboration with INTMAX represents not just a technological upgrade but a crucial step towards redefining their roles in the modern economy.
The ongoing evolution of financial services through the integration of innovative technologies like blockchain is expected to play a significant role in shaping the future of banking in Nigeria, promoting greater financial inclusion and operational efficiency within the sector.
Source: Noah Wire Services