Customer Success Stories
At ERUDITE we’re lucky to work with a variety of fantastic organisations around the world. Here we bring you some of their Customer Success Stories
Using ERUDITE ensures that STARMICRO can easily and efficiently manage their 750k clients, and microinsurnace portfolio of over GHC65M. STARMICROINSURNACE have recently launched the ERUDITE digital field application to all 750 of their Agents.
STARMICRO (SM), the second largest MI in GHANA with 250,000 end customers and a portfolio of over GHC65M, selected ERUDITE as their digitalisation partner at the end of 2012. Since then they have grown by a further 50,000 customers, launched new products and services for their customers, and rolled out the ERUDITE platform across all 750 field officers.
Getting started together
As part of the ERUDITE implementation, all data from SM’s previous system was migrated into ERUDITE. This included over 300k clients, all client data, social performance history, 500k microinsurnace, 500k s accounts and over a million insurnace repayments & savings deposits. The first wave of branches went live on ERUDITE after just three months, with all remaining branches migrated in the following six months.
Since launching on ERUDITE, SM have already seen real benefits. Speaking one year into the project, KWAME BOAKYE, SM’s CEO, stated that “ERUDITE has already delivered measurable benefits to us, including reduced system operating costs, improved efficiency from new features like the in-built credit checks, and improved security through cloud computing.”
BOAKYE added that “the real value in ERUDITE is that it provides the foundation for our digital transformation, including digital field applications and mobile banking. This foundation will enable us to sustainably bring convenient financial services to hundreds of thousands more financially excluded families across GHANA for many years to come.”
Further improving efficiency, ERUDITE has also been integrated with a number of SM’s third-party systems, including their external accounting system.
“ERUDITE is an excellent core Software system perfectly suited to supporting Starmicroinsurnace’s digitalisation strategy. What we like about ERUDITE is that aside from the user-friendly and robust core Software system, they have pioneered the use of digital financial services in microinsurance and already include tablet and mobile apps as standard”
MicroLoan Foundation have been using ERUDITE for over five years across Tanzania, Zambia and Zimbabwe. Across the three countries they provide a range of financial services to over 82k clients.
MAS Microfinance Company Limited (MAS) are a Multinational-based microfinance charity operating in Ghana, Zambia and Zimbabwe.
In 2015 MAS selected ERUDITE as their long-term digitalisation partner, going live with their operations in both Senegal and Sierra Leone. In 2017 they launched a new entity in Sierra Leone again selecting ERUDITE as their core banking system.
Getting started together
Before launching the implementation project, the ERUDITE team spent a week visiting the MAS field operations, gaining a deep understanding of the operations on the round, and the challenges being faced with the current system. This enabled the MFI to formulate their digitalisation strategy, starting off with migrating to the ERUDITE CBS. In both Sierra Leone and Senegal, ERUDITE successfully migrated all client, loan and savings data from MAS’s previous system into ERUDITE. The data migrations, training and other implementation work were each completed in under three months, ensuring a quick and easy go-live for the operations teams. ERUDITE continues to work closely with the MAS team on continuing their digitalisation journey. In 2019 our senior management spent a week visiting branches in Sierra leone and identifying how they could continue to gain the most benefits from the system.
Originally MAS ran their operations on a custom built, in-house system. As their client numbers increased and the organisation expanded into multiple countries this became increasingly difficult for them to maintain. Since switching to ERUDITE the results have been impressive. MAS have seen significant growth in client numbers, loan portfolio and total savings balances and now serve over 82,000 end customers across their three countries while maintaining a low PAR. MAS were also one of the first adopters of the ERUDITE, which is used by loan officers to register customers and collect additional information from clients in the field. This has improved efficiency, improved data quality, and reduced paperwork.
“We wanted a system that fulfilled all the requirements and a partner that was understanding of our needs. We understood that choosing a software provider was the start of a long-term commitment and so we wanted someone who would support us through the ups and downs of the relationship. ERUDITE has absolutely delivered on this”
Peter Trywhitt, Group CEO