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Maputo, Mozambique (September, 2023) – The recently established MuviCapital in Mozambique has selected Codebase Technologies to lead the creation and launch of its upcoming digital-first micro bank. Codebase Technologies will provide strategic consulting and technology advisory services to MuviCapital to bring the new digital entity to the market. Codebase Technologies’ Digibanc platform will serve as the full end-to-end technology stack for the new digital bank, offering core banking, API integration, and front-end channels to support mobile banking, internet banking, agency banking, USSD, and self-service kiosks.
Raimundo Zandamela, CEO, MuviCapital stated, “Customers in Mozambique are eager for disruptive banking experiences. While the country has greatly benefited from mobile money and USSD innovation, there hasn’t been a digital-first offering that truly consolidates everything under one roof for customers. By launching our digital-first micro bank, we aim to address the needs of Gen Z and Millennials, micro, small, and medium enterprises, as well as those who are excluded and underserved by traditional financial services, integrating them into the banking and payments ecosystem. We will support access through our mobile banking channels, self-service kiosks, USSD banking, and agency banking network. Through this, we aim to ignite sustainable and inclusive financial services in Mozambique.”
Mozambique is increasingly embracing digitization, with payments playing a significant role in driving the adoption of digital financial services in the country. According to Statista, digital payments are projected to reach USD 4,529.00 million in 2023, and mobile POS payments are expected to reach a total transaction value of USD 3,752.00 million in 2023.
The new digital-first micro bank aims to capitalize on Mozambique’s increasing digitization, with MuviCapital positioning itself as an innovative leader in the space. Codebase Technologies will assist MuviCapital in addressing Mozambique’s financial inclusion challenges by orchestrating a range of seamless services for customers, including providing instant loans with alternative credit scoring. These services will utilize Digibanc’s advanced lending and credit decisioning engine.
Digibanc’s extensive channel components will be utilized to manage the bank’s self-service account opening, deposit mobilization, loan products, payments, and transfers. The platform will also serve as the middleware to handle the bank’s APIs and integrate with partners to offer lifestyle banking services, including cashback, expense management, savings buckets, and future offerings.
Codebase Technologies’ Commercial Director and Managing Director for Africa, Paul Nilsen, added, “MuviCapital has an inspiring vision for its digital-first micro bank, one that prioritizes the needs of today’s customers and will have a significant impact on financial inclusion in Mozambique. The bank is taking a multifaceted approach to attracting customers, leveraging digital channels, agency banking networks, and self-service locations, which we believe will be a winning strategy for acquiring and onboarding customers. We are pleased that MuviCapital is relying on our local consulting expertise to help them define their business strategy and is using Digibanc to power their full proposition. The platform’s API-first, microservices architecture will empower the team to innovate and scale quickly in the future.”
Moving away from the traditional brick-and-mortar approach, the upcoming Micro Bank will prioritize digital channels but will incorporate a number of key services to address the needs of rural customers and those with lower financial literacy. This will include the incorporation of direct sales agents and third-party agents to expand financial access in remote areas, enabling basic services such as onboarding and cash in/out services.
Tagged:
- africa, Press Releases
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Raheel Iqbal, Managing Partner
Experienced Board Member with a demonstrated history of working in the financial services industry. Skilled in Business Planning, Management, Employee Training, Financial Accounting, and Product Development.
