Xpertek's loan finance solution extends into Africa
The players: Xpertek Group and Select International.
Select International provides retail financial services across the African continent. The group has offices in Kenya, Uganda, Swaziland, Lesotho, Botswana and Mauritius.
Xpertek has been a leading provider of solutions for the loan finance industry in South Africa since 2003 and serves clients in 18 countries worldwide. The group owns the intellectual property of the loan finance solution and is responsible for the support, implementation and maintenance of the product.
Select has aggressive expansion plans to enlarge the group's Africa footprint. It was administering its retail financial services products on a competitor's system. Although the system catered for its business requirements, the company's expansion plans were being hindered by the time it took to resolve support issues and process development requests.
There was also a need for a workflow-driven solution, as deal applications, take-on and collections were all handled manually. The loan system was key to the success of the business, but Select Group's expansion was hampered by the rigidity of its current software as well as slow and costly support. A strategic decision was made to find a software and support partner, who could keep up with the pace and needs of this expanding group.
The group evaluated more than 15 suppliers of software against a requirements matrix, and a shortlist of five was asked to tender and present their software to Select. At the end of this process, Xpertek won the tender.
Select needed a solution with workflow requirements for the following processes:
* Application processing and disbursement
* Loan settlement
* Collections and arrears management
* Death claims
* Funeral claims
Xpertek's process module, Reward, handled all these processes and was an integral part of the total solution.
Acquire, Xpertek's end-to-end loan finance solution, delivered to Select the functionality required to effectively manage and control the micro-finance loan books. The system is capable of handling any type of loan from leases and mortgage bonds to instalment sales. This means Acquire will meet the changing requirements of Select's business as it grows. In addition, being Web-enabled, Acquire allows any user access regardless of location - this is vital for Select's branch network.
Initially, the Lesotho operation was converted to run on Xpertek's solution. This implementation was completed successfully in only two months. Select's businesses in Kenya and Malawi are next on the list of implementations, which will be followed by further roll-outs in countries across Africa as Select's planned expansion continues.
Select has a workflow-drive solution, which can be accessed via the Internet from any of its branches. Select International's management had this to say: "We are in a growth phase and need to roll out to other sites rapidly; we need service providers who can meet these requirements and after the Lesotho roll-out, we are confident that Xpertek can meet this challenge. Xpertek has become a partner to us in our business. They make us feel we are important to them."
Speak to Xpertek's consultants today about the needs of your lending business.