Fiter, a market leader in financial technology solutions, has achieved a significant milestone by successfully overhauling the Fineract system of a prominent Nigerian fintech firm.
This rejuvenated the business and made it a fintech leader in Nigeria. As Nigeria’s banking industry evolves, the reform is timely. These changes are caused by digitisation and legislative changes that promote innovation and security.
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Streamlining Operations with Fiter’s Fintech Solutions
Fiter’s intervention introduced critical features essential for modern financial operations.
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NUBAN (Nigeria Uniform Bank Account Numbers) was created to ensure that every transaction could be tracked and was safe. This built trust with customers and met strict regulatory requirements.
To handle the needs of millions of accounts and plan for growth, Kubernetes was used for autoscaling, ensuring that processes run smoothly even when the load changes.
The project used asynchronous transaction processing to handle massive transaction volumes without delays. Financial product accrual accounting supported the complexity and diversity of services and high-speed wallet transactions that maintained performance dependability even under peak loads.
Strategic decisions were made even better by combining basic business systems with advanced data analytics tools. Fiter used its agile approach to deal with problems when the business needed to be changed, and standards were not apparent initially. This allowed for quick adaptation and good problem-solving.
The fundamental system was redesigned to handle transactions and asynchronous processing to reduce data bottlenecks. For intensive read activities, read-only replica databases were used to avoid impacting core processes.
This project had a significant effect on what the client did. The Nigerian fintech company made the system more stable and became a star. Fineract can now offer Banking as a Service (BaaS) thanks to improved technology. This lets them offer more services and get a more significant part of the market.
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About Fiter
Fiter is the world’s leading implementer of Fineract, an open-source banking platform designed to provide financial services to underserved communities.
Specialising in deploying and customising Fineract, Fiter helps financial institutions modernise their operations with scalable and secure technology. Their expertise includes system integration, user training, and ongoing support, ensuring seamless implementation and optimal performance.
Fiter’s solutions enable banks and microfinance institutions to offer a wide range of services, from core banking to digital wallets, enhancing financial inclusion and accessibility. Through their innovative approach, Fiter is transforming the digital banking landscape globally.