In a significant move towards enhancing financial inclusion and operational efficiency, INTMAX, the first stateless payment layer on Ethereum, has announced a strategic partnership with two Nigerian Microfinance Banks (MFBs) — Above Only Microfinance Bank and Source MFB. This collaboration aims to equip MFBs with cutting-edge blockchain technologies, fostering a new era of democratized financial services in Nigeria.

Microfinance Bank (MFBs) is a financial institution that provides small loans, savings opportunities, and other basic financial services to low-income individuals or communities who typically lack access to traditional banking.

Bridging the Financial Gap with Blockchain

In Nigeria, financial inclusion remains a critical goal. Microfinance Banks play a pivotal role in providing banking services to underserved and unbanked communities. The partnership with INTMAX is designed to leverage blockchain technology to address these challenges head-on.

Philip Asaya, Senior Coordinator and Country Representative for INTMAX, underscored the transformative potential of blockchain:

“Blockchain has the power to democratize access to financial services. Our partnership with these Microfinance Banks reflects a commitment to driving financial inclusion and empowering institutions with the tools to thrive in the digital age.”

Ambitions Underpinning This Partnership

This collaboration is set to redefine how Microfinance Banks operate by integrating blockchain-driven solutions. Key benefits of the partnership include:

Streamlined Operations: Advanced blockchain solutions will simplify processes like loan disbursement, customer onboarding, and asset management, reducing inefficiencies and operational costs.

Enhanced Transparency: The adoption of blockchain technology will improve transparency, building greater consumer trust in financial services.

Innovative Financial Products: INTMAX plans to introduce blockchain-based lending models, savings plans, and digital asset management systems tailored for underserved communities. These tools aim to unlock new economic opportunities for individuals and businesses alike.

Simeon Ogunnubi, CEO of Pengage Finance, the program facilitator, highlighted the focus on community-specific solutions:

“By collaborating with these forward-thinking MFBs, INTMAX will introduce innovative financial products tailored to meet the needs of underserved communities.”

Empowering Staff with Blockchain Knowledge

An essential aspect of the partnership is capacity building. INTMAX will offer tailored training programs to the staff of Above Only Microfinance Bank and Source MFB. These programs will provide the skills needed to leverage blockchain technology effectively, fostering a culture of innovation within these financial institutions.

This approach ensures that bank personnel are equipped to deliver modern, efficient, and secure financial services to their customers, positioning them as leaders in Nigeria’s evolving digital economy.

A Step Towards a Digital Future

For Above Only Microfinance Bank and Source MFB, this partnership represents more than just a technological upgrade. It is a strategic step towards redefining their roles in an increasingly digital world.

“Blockchain technology offers immense potential for transforming traditional banking processes,” said Philip Asaya. “These solutions will not only improve efficiency but also reduce operational costs, positioning the banks as leaders in digital financial services.”

Conclusion

The partnership between INTMAX and these Nigerian Microfinance Banks marks a significant milestone in the journey towards financial inclusion and digital transformation. By integrating blockchain technology, this collaboration aims to bring secure, transparent, and efficient financial services to communities that need them the most.

As INTMAX and its partners work together, they pave the way for a future where blockchain-driven financial solutions are accessible to everyone, fostering growth and innovation in Nigeria’s financial landscape.

Media releases in Nigerian Press:

https://businessday.ng/bd-weekender/article/mfbs-tap-blockchain-solutions-to-boost-operations-deepen-financial-inclusion/

https://themirroronline.com.ng/intmax-teams-up-with-mfbs-on-capacity-building-blockchain-expertise/