fbpx

COFINA Banks on Oracle to Get Loans to Underserved Businesses Faster 

COFINA Banks on Oracle to Get Loans to Underserved Businesses Faster 

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on email
Email
Share on print
Print

African mesofinance provider taps Oracle Financial Services to enhance its digital services for small-to-medium sized businesses

CôTE D’IVOIRE, Africa and AUSTIN,Texas4 April 2022 -/African Media Agency(AMA)/- Compagnie Financiere Africaine (COFINA), an Africa-based financial group in Côte d’Ivoire and majority owned by Compagnie Transnationale D’Investissement (C.T.I.), has tapped Oracle Financial Services to enhance its banking systems. COFINA is focused on mesofinance, a relatively new concept that offers small loans starting from 1,000 Euros specifically for small-and mid-sized businesses (SMEs). 

With the Oracle Banking portfolio, COFINA will bring next generation digital capabilities to the business it serves, including timely loans and a cohesive banking experience. The implementation will start with the migration of Cofina Côte D’Ivoire, one of COFINA’s nine mesofinance subsidiaries. 

“We selected Oracle Financial Services to help transform our operations and services,” said Adiline Haykal, Group Director strategic projects, COFINA. “Building a successful digital bank requires a platform that can run efficiently while evolving with changes in the market and alongside organizational needs. As a first step, Oracle Banking solutions will provide Cofina Côte D’Ivoire the foundation needed to provide and adapt to consumers’ desired digital client experiences.” Listen to more on Cofina’s story here.

COFINA will use Oracle Banking technologies including Oracle FLEXCUBE Universal Banking as its digital core, Oracle Banking Digital Experience, and Oracle Banking Payment Hub, among others.

Venky Srinivasan, group vice president, APJ & MEA, Oracle Financial Services.

A new kind of financial institution for an underserved market 

While digital banking has opened the door for individuals in both urban and rural areas of Africa to access affordable, reliable banking, financing offers for SMEs remain nearly non-existent. Only 6.4% of African SMEs have access to bank financing even though they are the main providers of wealth and job creation in African economies. With SMEs too big for microfinancing and too small for commercial banks, COFINA dedicated itself to serving this segment of the market with mesofinance. Today, the organization has financed more than 121,000 projects worth nearly 1,544 Million USD (≈ 1,300 million euros). 

“COFINA is a leader in providing inclusive banking services in West Africa,” said Venky Srinivasan, group vice president, APJ & MEA, Oracle Financial Services. “Oracle’s solutions have powered a wide variety of business models across 140 countries, from digital startups to the large incumbents. Our applications help banks differentiate with pace, agility, and responsiveness to clients. Oracle technologies will empower COFINA to deliver a more efficient, centralized, and seamless customer experience that will position them for future growth.”

Oracle Banking financial services applications enable banks to offer a complete set of digital banking services to customers. The portfolio includes the digital core and applications for retail and corporate banking, real-time payments, and digital experience. Built on a microservices architecture with 3000-plus open banking APIs, Oracle Banking makes it easy for banks like COFINA to “plug in” additional Oracle and third-party services when they need them. It also provides a scalable, cloud-native environment for growth. 

Distributed by African Media Agency (AMA) on behalf of Oracle.

About COFINA Group

Founded in 2013, the COFINA Group is the first African financial institution dedicated to mesofinance, the “missing middle” between microfinance and traditional banking which offers African SMEs easier access to credit. Present in eight African countries (Burkina Faso, Congo-Brazzaville, Côte d’Ivoire, Gabon, Guinea, Mali, Senegal, Togo) and with a representative office in Paris dedicated to the diaspora. In recent years, COFINA Group has established itself as the reference in terms of financing SMEs in West and Central Africa. 

With more than 1,300 employees, COFINA Group manages a portfolio of more than 240,000 clients (42% of women entrepreneurs) and 121,977 projects financed spread over its eight countries. As of 31 December 2021, the institution had a total balance sheet of Euros 465 Millions. For more information: http://www.groupecofina.com/

About Oracle Financial Services

Oracle Financial Services provides retail banking solutions, corporate banking, payments, asset management, life insurance, annuities, and healthcare payers. With our comprehensive set of integrated digital and data platforms, banks and insurers are empowered to deliver next-generation financial services. We enable customer-centric transformation, support collaborative innovation, and drive efficiency. Our data and analytical platforms help financial institutions drive customer insight, integrate risk and finance, fight financial crime and comply with regulations. To learn more, visit our website at https://www.oracle.com/industries/financial-services/index.html.

About Oracle

Oracle offers integrated suites of applications plus secure, autonomous infrastructure in the Oracle Cloud. For more information about Oracle (NYSE: ORCL), please visit us at www.oracle.com.

Trademarks

Oracle, Java, and MySQL are registered trademarks of Oracle Corporation. 

Contact:

Judi Palmer

Oracle Corporate Communications

+1 650 784 7901

Judi.palmer@oracle.com 

Groupe COFINA – Communication Direction

Armel ASSOHOU

Armel.assohou@cofinacorp.com

+225 27 22 5151 80

You might also enjoy

Subscribe To Our Newsletter

Get updates and learn from the best

Become our partner

want more info, fill in this form.

Conférence de Presse en Ligne


Les frontières terrestres ne doivent pas constituer des obstacles à la dissémination de votre message. Grâce à notre service de conférence de presse en ligne, nous vous offrons l’opportunité de vous rapprocher des médias africains, chaque fois que vous en aurez besoin.

Nos services comprennent:

Digital Communications


Today, social networks constitute an organization’s first point of contact with a user and a potential customer. At first glance, you need to convince of the relevance and quality of your content to stimulate and motivate the user to go further. We create consistently inspiring online strategy to meet business objectives, engage stakeholders and enhance our client brand’s reputation internally and externally.

 

Communication​ digitale


Les réseaux sociaux représentent aujourd’hui le premier point de contact d’une organisation avec un utilisateur et un client potentiel. Au premier coup d’œil, vous devez le convaincre de la pertinence et de la qualité de votre contenu pour l’inciter à aller plus loin. Nous créons pour vous une stratégie de communication précise et adaptée sur les réseaux sociaux pour atteindre les objectifs commerciaux, impliquer les parties prenantes et améliorer la réputation de votre marque en interne et en externe.

Promotion​ d’événements


Le succès d’un événement réside en moitié dans sa promotion. Peu importe la beauté de l’événement, la qualité des orateurs et de l’ordre du jour, si personne ne rapporte ou ne parle de votre événement, vos efforts seront vains. Nous vous aidons à façonner votre récit et à créer un engouement autour de votre événement. De l’annonce de l’événement à la tenue de celui-ci, nous accompagnons votre effort de planification et le reflétons sur toutes les plateformes médiatiques.​

Formation​ Médiatique


Nous fournissons à vos porte-paroles les outils nécessaires pour présenter vos principaux messages et répondre avec confiance et cohérence aux questions. Notre formation est organisée soit à distance ou en présentiel, avec des études de cas réels et des répétitions. Nos clients repartent avec le sentiment d’être à l’aise devant les journalistes et d’agir en tant qu’ambassadeurs de la marque.

Veille​ Médiatique


Nous mesurons votre portée en relations publiques et rendons compte des informations de votre industrie et des activités de vos  concurrents en surveillant la majorité des canaux de diffusion dans toute l’Afrique. Une veille médiatique complète et opportune est essentielle pour s’assurer que vous ne manquez aucune référence à votre marque, que vous êtes constamment informé de ce qui se passe dans votre industrie et que vous êtes prêt à saisir les opportunités et à réduire les risques en temps opportun.

Relations​ Média


Peu importe le lieu où ils se trouvent, nous sommes une source d‘informations fiables pour les journalistes qui écrivent sur l’Afrique. Nous nous connaissons mutuellement et ils nous font confiance, car nous leur fournissons un contenu crédible qui les aide dans leurs tâches. Nous nous entretenons quotidiennement avec des journalistes aux quatre coins du continent, ce qui fait de nous l’un des organismes les plus efficaces pour mener des campagnes de relations avec les médias.

Stratégie et développement de contenu


Nous créons des stratégies de communication intelligentes, bien documentées et spécialisées destinées à vous aider à construire un récit fort qui engagera votre audience. Nous travaillons en synergie avec vous afin de rédiger des communiqués de presse et des articles d’opinions qui alimentent le récit de votre entreprise. Notre équipe a une expérience approfondie dans la création de récits et le développement de contenu multimédia.

DIFFUSION DE COMMUNIQUES​ DE PRESSE​


C’est le service phare d’AMA. Nous avons mis en place des canaux de diffusion des communiqués de presse auprès des journalistes des 54 États africains ainsi qu’auprès des journalistes américains et européens couvrant les sujets relatifs aux marchés émergents.​

​Nos services comprennent:​

Event Promotion


Half of the success of an event lays in its promotion. Doesn’t matter how beautiful the event is, how wonderful the speakers and the agenda are, if no one reports or talks about your event, your efforts are gone. We help you shape the narrative and create a drumbeat around your event. From the announce all the way to the outcome of the event, we accompany your planning effort and echo it through all media platforms

Media Training


We provide your spokespeople with the tools to present your key messages and answer questions with confidence and coherence. Our training is organised either remotely or face-to- face, with real case studies and rehearsals. Our clients leave feeling comfortable being in front of reporters and acting as brand ambassadors.

Media Monitoring


We measure and report on
your PR reach, industry news, and competitive activity by monitoring most channels in North, West, Central, East and Southern Africa. Comprehensive and timely media monitoring is critical to ensuring that you don’t miss any reporting of your brand,
you’re constantly informed on what’s going on around your business, and you’re ready to capitalise on opportunities and mitigate
risks in a timely fashion..

Media Relations


We have become an authoritative source of news for reporters writing about Africa, wherever they are. We know them, they know us, and they trust us for providing them with timely and accurate content that helps them do their job. We speak to reporters on a daily basis in all corners of the continent and this makes us one of the most effective agencies in running media relations campaigns.

Strategy & Content Development


We create smart and localised communications strategies to help build a strong narrative that will engage your audiences. We partner with you to create press releases and thought leadership pieces that sustain a drumbeat for your company’s narrative. Our team have deep experience in shaping narratives and developing media content.

PRESS RELEASE WIRE DISTRIBUTION

This is AMA’s flagship service. We have set up channels of distribution towards the journalists of the 54 African states, as well as to American journalists and European journalists covering emerging markets issues.
Our service includes:

Editorial advice

Localised editorial piece when needed

Distribution to the major print, broadcast and online publications along with industry-specific publications

Follow-up calls to secure interview request

Guaranteed distribution to Africa.com

Distribution to Bloomberg, LexisNexis and Thomson Reuters

Social Media Reach: Facebook, Twitter, LinkedIn, Instagram

Full online monitoring and print monitoring when available. Includesreadership stats and Advertising Value Equivalent

Translation in French, Arabic and Portuguese available