The Arrawaj Foundation for Inclusive Finance is a non-profit microcredit association. It is a prominent financial institution foundation in Morocco, managing 200k active microcredit contracts with 2k employees. Its main objective is to contribute to the economic and social integration and financial inclusion of micro-entrepreneurs and very small enterprises excluded from traditional financing channels by allowing them easy access to financing.
Maymouna Financial Services is a payment institution operating in partnership with the Arrawaj Foundation. As part of the national strategy for the development of financial inclusion, it has positioned itself to offer a new means of payment that promotes access to financial services for a larger part of the population. It therefore distributes electronic wallets for individual and professional players to open financial services to populations furthest from traditional banking, with an outstanding amount of more than 300,000 accounts.

The background

Each of the two companies had its own separate information system, Infosys' Finacle Core Banking for the Arrawaj Foundation and a proprietary tool for Maymouna, which were therefore not very scalable and cumbersome to manage. In addition, operating largely with the same customer populations, the use of the two systems created duplication and inconsistencies, not enabling them to have a good time-to-market to respond to regulatory or emerging changes in the sector. For example, some operations required two windows to switch between platforms for the same client.

The challenges

The challenge was therefore to build a common solution, with double migration and merger of customers, operating in real time and offering all the services of a Core Banking System (account management, credit, interbank payments, cash register, regulatory reporting) dedicated to a population in economic integration. This central position obviously meant many connections with all the payment systems of the market.

The solution

In just 18 months, Basikon deployed the complete Hyperfront Core Banking solution, front to back, with accounting discharge and out-of-court collections and litigation. The import of the migrated items into the application included more than 1 million customers and 4 million bank transactions. From day-to-day account maintenance to loan applications and wallet monitoring, everything is managed in Hyperfront in a unified and transparent way. An IOS and Android mobile app completed the rollout to give intuitive access to accounts to all customers.

The deployed solution is solely based on the configuration of the platform with a fine-grained adaptation of processes and controls. No less than 830 different processes have been configured to cover all business aspects. Today, nearly 1 million accounting entries are posted every day.

The result

The Arrawaj Foundation and Maymouna Financial Services now have a unified and efficient platform, providing them with a major qualitative leap in terms of ergonomics and performance. Immediately after production started, they were able to launch new credit products, thus unleashing their joint growth.