Qore’s Recova Integrates With NIBSS To Provide Direct Debit Mandate And Seamless Loan Repayment Collection For Financial Institutions In Africa
Qore (Qore.inc formerly Appzone), the leading Banking-as-a-Service platform provider in Africa has now partnered with the Nigeria Inter-Bank Settlement System Plc (NIBSS) to enhance the efficacy of recurring payment collections through the Recova Direct Debit service.
This strategic collaboration focuses on the integration of Recova’s Direct Debit Mandate solution with NIBSS’s robust payment infrastructure and gateway, enabling the set-up of direct-to-account mandates for Individuals and Corporates, removing the reliance on, and eliminating the inefficiencies of card-based direct debits. By combining Qore’s cutting-edge technology with NIBSS’s deep industry expertise and robust payment network, the two companies are poised to improve the way financial institutions manage direct debit transactions and loan repayments.
With this collaboration, financial institutions, especially lenders, will have the opportunity to manage direct debit transactions across multiple banks from a single platform.
This will streamline operations, enhance efficiency, and reduce costs, while improving their overall customer experience with a simplified mandate management process and faster setup processing time. Financial institutions on Qore’s Recova will also be able to facilitate seamless loan repayment collection from borrowers, automating the process and reducing the risk of delinquency or defaults. Recova seeks to eliminate the hassles associated with the traditional mandate setup approach.
Qore and NIBSS are committed to ensuring the highest standards of security and compliance across all transactions made on the Recova platform. The integrated solution will incorporate advanced security measures and compliance protocols to protect sensitive customer data and ensure regulatory compliance.
Commenting on the partnership, the Vice President of Lending Automation Business at Qore, Chinwe Adighiogu says, “We are excited to partner with NIBSS to enhance our Recova Direct Debit offering. This partnership marks a significant milestone in our journey, as we empower financial institutions with both seamless digital collections mandate set-up and efficient loan repayment collections through direct-to-account debits across banks in Nigeria. By driving safe and secure lending practices for our clients, we’re not just revolutionizing financial services; we’re shaping the future of banking in Africa.”
The integrated Direct Debit Mandate solution is now available for financial institutions across Africa on Qore’s lending automation platform, Recova. To learn more about this solution and how it can benefit your organization, visit – https:// Qore.inc/recova/.
Recova – Qore Product – Lending Automation Software
For further details, please reach out to us at [email protected].
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