The Sunday Mail
WITH Zimbabwe moving towards the 4th Industrial Revolution (4IR), it has become increasingly important that local firms develop technologies and solutions that are specific to the local business environment.
And with the country having one of the highest literacy rates on the continent, there is great potential for technological growth.
A local software company, Mugonat Systems Incorporated has announced the launch of Cashlinq, a next-generation digital banking platform.
The Cashlinq platform consists of banking software modules developed with top-of-the-range technologies and security features to meet international standards.
But the platform was also created to meet the specific needs of local banking institutions.
Zimbabwe’s financial services sector is currently constituted by 13 commercial banks, five building societies, one savings bank, eight deposit-taking microfinance institutions, two development financial institutions and 178 credit-only microfinance institutions.
Mugonat Systems Inc CEO Mr Tendai Mugovi said:
“Banking as we know it is evolving. With the coming of new technologies and innovations, financial institutions have to re-imagine traditional practices to meet customer expectations.
“We are pleased to announce the launch of our flexible banking solution that will allow financial institutions to meet the new demands of clients while also updating their business processes to be more foresighted and agile,” he said.
“We have designed Cashlinq, to handle the complex issues related to agile banking, but have kept it easy to implement.”
Mr Mugovi added that the platform is best used as a full banking wallet solution.
According to the developers, Cashlinq can also be used to complement the main core banking systems, for example, Temenos T24 and Oracle Flexcube, to host a variety of low-value savings and current accounts.
To this extent it can lessen the load on main core banking systems, boosting transaction processing performance as well as saving on expensive licensing costs.
“The modules can complement or banking systems to deliver great value for the financial institution and their customers, as well as to replace legacy software modules in favour of a more modern, faster, scalable, resilient, and future-proof software stack,” said the CEO.
The modules on the CashLinq platform can be deployed individually, partly, or in full depending on preference and the intended goal.
Each module can be integrated to existing systems through standard APIs and protocols.
The local banking solution also has potential to gain traction on the global digital banking platforms market.
A recent study has projected that the global digital banking platforms market size will grow from US$8,2 billion in 2021 to US$13,9 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 11,3 percent as it continues to gain traction “due to growing demand among banks for delivering enhanced customer experience and increasing adoption of cloud-based solutions by financial institutions.”