Procredit, a leading financial institution based in the Democratic Republic of Congo – DRC, has selected Papersoft Onboarding Platform as the basis to materialize its mission of promoting financial inclusion and educating the population about the advantages of using a bank account to access services such as payments, deposits, and transfers in a secure ecosystem.
The agent network (street vendors) uses Papersoft onboarding app to open a bank account, activate and receive a deposit. The app runs on low specs tablets and other mobile equipment and is integrated online with the core banking system, allowing the creation of the account in real time. It registers customer data and immediately validates compliance and regulatory rules, eliminating errors of completion and back-office tasks, by collecting customer’s photo and evidences such as the ID card and the digital signature to create a service contract. Additional information is sent via SMS to the customer with the confirmation of the record submission, the account number, and the associated customer care data. With it, he can make his first deposit, which is face-to-face and performed through an express bank kiosk spread on a network of partners, who receives the money.
The online activation end-to-end process takes between 2 to 3 minutes and 100 remote sales agents have made more than 500 registrations/day in the first week (Kinshasa region). At the end of the month, the project will roll out to other regions of the country through additional teams using motorcycles and specific go-to-market initiatives without the traditional agency banking model.
This critical project is a partnership between Procredit, the financial institution and Sodeico, which provides the needed human resources.
According to Daniel Alves, Papersoft’s CEO “We are really happy and proud to be involved in such an amazing project that democratizes the access to financial services to the whole population. Papersoft onboarding platform has been proving its value on several African countries with the same purpose. Now, millions of unbanked and underserved people can easily subscribe financial offerings, anytime, anywhere, in a secure, compliant, anti-fraud and anti-money laundering environment.”
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