Fiter, a leader in financial technology solutions, announces a significant milestone with its successful overhaul of a prominent Nigerian fintech firm’s Fineract system.
This transformation not only revitalized the firm’s operations but also positioned it as a frontrunner in Nigeria’s competitive fintech industry. The change is particularly timely, as Nigeria is experiencing a significant evolution in its financial sector. This shift is driven by increased digitalization and regulatory enhancements aimed at fostering innovation and enhancing security.
Fiter’s intervention introduced a suite of key features essential for modern financial operations.
It implemented NUBAN (Nigeria Uniform Bank Account Number) generation to ensure every transaction was traceable and secure, thereby boosting customer trust and satisfying stringent regulatory requirements.
To manage the demands of millions of accounts and accommodate expansion, Kubernetes was deployed for autoscaling, ensuring smooth operations regardless of fluctuating loads.
The project also implemented asynchronous transaction processing to manage high volumes of transactions seamlessly and without delays. This was complemented by accrual accounting for financial products to support the complexity and diversity of the offerings and high-speed wallet transactions that maintained performance reliability even under peak loads.
Strategic decision-making was further enhanced by integrating core transactional systems with advanced data analytics capabilities. In addressing the challenges of evolving business needs and initially vague requirements, Fiter employed its agile methodology, allowing for rapid adaptation and effective problem-solving.
The core system was re-engineered to enhance its transaction processing capabilities, and asynchronous processing was introduced to eliminate data bottlenecks. Additionally, read-only replica databases were implemented to manage heavy read operations efficiently, ensuring they did not impact the core processes.
The success of this project is evident in the profound impact on the client’s operations. The fintech firm achieved system stability and advanced to become a leading figure in Nigeria’s fintech sector. They are now leveraging the revamped Fineract system to offer Banking as a Service (BaaS), significantly expanding their services and market influence.
About Fiter
Fiter is the world’s leading implementer of Fineract, an open-source banking platform. They are dedicated to revolutionizing the fintech landscape by delivering agile, scalable, and secure technology solutions that address the unique challenges of the financial sector. They aim to empower financial institutions with the tools to thrive in a digital economy, enhancing customer experiences and operational efficiency.
Source: https://www.techinafrica.com/fiter-transforms-nigerian-fintech-with-innovative-solutions-leading-the-way-in-financial-services-technology/