How financial institutions in Nigeria can perform better in rural markets

Financial institutions in Nigeria are enabling the agriculture sector – one of Nigeria’s largest industries – to grow by providing small businesses with financial services.

To succeed in rural markets, it is key to understand the changing demands of owners of agricultural businesses. Today, agricultural clients want financial services that are affordable, reliable and digital. Here’s how your financial institution can meet the needs of rural clients with Oradian’s digital toolset.

Financial institutions in Nigeria

Provide more affordable financial services

Bank employees are often slowed by long journeys to visit their rural clients to collect loan repayments. This is how Oradian provides a solution. Our core banking system Instafin has a mobile app that enables field officers to be more efficient. By using the app, bank employees collect data only once. After that, all information is synced to Instafin automatically – allowing consistency, accuracy, saving time and shorter business trips.

When reducing operational costs, institutions can provide lower fees for their end-clients. Finally, all this supports agricultural clients in taking out loans and growing their businesses.

Build trust and lasting client relationships

Although there is a constant need to invest in farms, smallholders in Nigeria are sceptical when it comes to investing in financial services. According to a 2016 survey by CGAP with EFInA, 35% of the country’s smallholders lack trust in informal financial service providers. However, the same respondents also show an interest in financial tools for their rural activities.

With Oradian’s Instafin Messaging, you can send messages to your clients about their accounts right from your dashboard. Each time you disburse a loan to your client, they receive an immediate confirmation message. Also, clients get notifications when making a payment, deposit or a withdrawal. Real-time communication fosters the growth of lasting client relationships established on trust.

Financial institutions in Nigeria

Offer digital financial services

Rural clients who live in remote areas of Nigeria face the issue of traveling from their farms to branches of banks. The implementation and use of digital financial services can assist clients in getting their loans. By offering a mobile banking option, clients don’t need to sacrifice the time-specific demands of their farms – they manage their banking from home.

In the above-mentioned survey, 26% of Nigeria’s smallholders stated they have a formal financial account registered at a bank, financial institution, or mobile money operator. For farmers, investing in agricultural activities is a priority. This provides opportunities for savings and payment plans provided with financial inclusion tools.

Oradian deals with current needs of their customers while foreseeing future needs. By using in-market findings and with the help of in-country teams, we provide future-proof solutions for all.

Ready to serve rural clients better?

Oradian’s customers are visionary financial institutions that are ready to grow and serve more clients. We deliver a cloud-based core banking system for rural banks in all regions of Nigeria.

Our all-in-one solution enables our customers to become more efficient, dedicate more time to collecting payments, issuing new loans and serving more members. With Oradian, you’ll be able to face the future with confidence.