Nigerian software maker and provider of banking and financial technology solutions, AppZone says it plans to raise N1 billion in deposits under a new tech deal with Sterling Bank.
Under the plan, Appzone says it has set a six month target to open over 70,000 new accounts for Sterling Bank through its CreditClub technology to service customers outside traditional branches of the financial institution.
Appzone says its CreditClub technology addresses branchless banking challenges by providing a robust software core and embedded core banking application that integrates with portable mobile phones, POS devices and third party core banking applications.
CreditClub also offers mobile banking self-service applications and functionality for issuing and managing debit cards, according to the Nigerian technology company.
The product roll-out and market activation have commenced since February 1, 2016,Appzone says, adding that the pilot phase of the agreement is in 10 market locations cutting across five Nigerian states including Lagos, Oyo, Imo, Abia, Kwara and Anambra.
AppZone also says that the CreditClub technology, which is being used by other banks, including Diamond Bank for its Diamond Beta savings product.
According to the tech company, ”Appzone creates disruptive solutions that expand the scope and competitiveness of institutions in the financial services industry and then delivers these solutions using agile technology and global best practices.”