Bank of Africa Automates Risk Management for Credit Products
Banking IT specialist Sofgen Holdings (Sofgen) has completed implementation CreditQuest at Bank of Africa subsidiaries in Kenya, Tanzania and Uganda. The product, directed at helping financial institutions (FIs) improve asset quality and reducing compliance risk, is in production in each of the bank’s subsidiaries.
The group added that the project enables Bank of Africa to have a unified view of customer activities, enforce credit appraisal rules and processes, and improve credit application turnaround time and monitoring. CreditQuest has permitted the bank to reduce paperwork in its credit process and to minimize manual interventions.
“CreditQuest offers modules covering our entire portfolio of corporate, small and medium-sized enterprises [SME] and retail lending processes,” said Kwame Ahadzi, managing director, Bank of Africa, Kenya. “Sofgen did an excellent job implementing CreditQuest at the bank and integrating it with our core system.”
CreditQuest has been installed in over 10 banks in sub-Sahara Africa and in over 200 banks across the world. “Bank of Africa subsidiaries in East Africa are strategic accounts for Sofgen as we continue our march towards becoming the preferred provider of IT solutions to banks in Africa,” said Tunde Oladele, chief executive officer (CEO), Sofgen Africa. “We intend to deepen our relationship with Bank of Africa to assure that the benefits of the bank’s investment in CreditQuest are realised.”