WASHINGTON -- (BUSINESS WIRE) -- Tajikistan is the fourth FINCA Subsidiary in Eurasia to successfully complete its transition to Oracle’s FLEXCUBE Core Banking System. FLEXCUBE will eventually be deployed in all FINCA subsidiaries, positioning them for substantial client and portfolio growth, and standardizing operations across the network.
FINCA Vice President and Eurasia Regional Director Jeff Flowers said FLEXCUBE’s deployment will unlock the potential for new products and services, particularly savings, while increasing flexibility in functionality. “In addition to greatly enhanced flexibility, this high-performance system strengthens information security, enhances the customer experience, and supports more efficient enterprise data consolidation and reporting.”
FINCA Tajikistan CEO Jerrold Smelcer said his team is looking forward to employing a greater range of products to better meet client needs. “We look forward to having this advanced software in place to more effectively support FINCA Tajikistan’s transition into a formal banking institution.”
Transitioning all 21 of FINCA’s subsidiaries to one single core-banking platform helps strengthen the network’s internal controls, said Chief Information Officer Braulio Oliveira. “FLEXCUBE’s advanced capabilities go a long way toward curtailing the potential for fraud at the subsidiary level, and create an even more secure environment for the protection of our clients' data.”
FINCA, a leading international microfinance organization, provides financial services to the world's lowest-income entrepreneurs so they can create jobs, build assets and improve their standard of living. Based in Washington DC, FINCA currently reaches more than 990,000 clients through its network of subsidiaries in Africa, Eurasia, the Greater Middle East, and Latin America. FINCA International is the parent of 21 microfinance subsidiaries, managing their global activities through FINCA Microfinance Holdings, LLC, which allows FINCA to leverage funding from socially-responsible investment partners to support the mission.
About FINCA Tajikistan
FINCA Tajikistan is a subsidiary company of FINCA Microfinance Holdings (FMH), which is owned and managed by FINCA International, Inc., a not-for-profit micro-financial services organization. As one of the leading MFIs in the country, FINCA Tajikistan serves nearly 30,000 active clients through 10 branch and 16 sub-branch offices as a licensed MicroDeposit LLC, providing financial products and services including Solidarity Group, Individual, USD and Local Currency loans, Money Transfer Services and Voluntary Savings.