Fintech Innovator Qore Drives Digital Transformation for Nigeria’s Microfinance Banks
Nigeria’s microfinance sector is celebrating 20 years of empowering small businesses, entrepreneurs, and low-income households with access to essential financial services. Marking this milestone, Qore, Africa’s leading fintech infrastructure and Banking-as-a-Service (BaaS) provider, has been announced as the headline sponsor for the 20th Anniversary of the National Association of Microfinance Banks (NAMB). The partnership highlights Qore’s commitment to driving digital adoption across microfinance institutions and ensuring they remain competitive in an increasingly technology-driven financial landscape.
Over the past two decades, microfinance banks have played a pivotal role in deepening financial inclusion in Nigeria, offering affordable credit and financial tools to underserved communities. With over 900 licensed members nationwide, NAMB has consistently championed policy advocacy, capacity building, and sector collaboration, positioning microfinance banks as critical engines for local economic growth. Qore’s sponsorship aligns with NAMB’s mission to modernize operations while keeping community-focused values at the heart of banking.
Qore is leveraging its 15 years of fintech expertise to provide practical digital solutions that help microfinance banks scale efficiently. Its platforms, including BankOne, Recova, Cluster, and Pryme, automate lending, enable instant digital services, and streamline payment collections. Currently powering more than 600 financial institutions, Qore processes over 250 million transactions monthly, manages ₦155 billion in customer balances, and facilitates ₦150 billion in monthly loans—underscoring its critical role in Nigeria’s financial ecosystem.
Through these innovations, microfinance banks can transition from manual, paper-based processes to agile, fully digital operations. For example, Recova automates the entire loan lifecycle from origination to repayment tracking, while Cluster ensures real-time payment collection in 60 seconds. Pryme enables instant card issuance both physically and virtually, providing reliability and seamless service for customers. These solutions collectively strengthen operational efficiency, transparency, and customer trust—essential ingredients for sustainable growth in the sector.
Speaking on the partnership, Qore’s Vice President of Core Banking and Merchant Services, Patrick Irebo, described Nigeria’s microfinance journey as one of “courage, innovation, and community.” He emphasized that Qore is committed to supporting banks as they embrace digital resilience and scale financial inclusion nationwide. During the NAMB @ 20 celebrations, Qore will engage industry leaders, showcase success stories, and offer consultations and readiness assessments, reinforcing its role as a key enabler of the next frontier in Africa’s financial transformation.
source: punch