Atlas Mara Zambia, founded in 2013 in Zambia, acquired BancABC and Finance Bank of Zambia as part of its consolidation strategy. This resulted in Atlas Mara becoming one of the largest banks in Zambia, expanding its physical footprint from 23 branches to 65 branches, 176 ATMs and 23 agencies.
Bank mergers are challenging enough, and this merger was no different. It led to two different mobile banking systems that customers were logging in to, which led to back-end reconciliation challenges, customer queries, and more. Having two systems was not conducive to provide a seamless banking experience to Atlas Mara’s customers. This meant that there was an urgent need to have one single, unified mobile banking solution that would give all of Atlas Mara’s customers a seamless service.
Atlas Mara sent out an RFP for fintech solution providers and started looking at developing a strong, powerful, forward-looking mobile banking solution that would allow its customers to login to one solution that would combine the best of both the existing legacy mobile banking solutions.
The best way forward?
Due to the merger, Atlas Mara had two different legacy mobile banking solutions and it was important to do a gap analysis as well as evaluate the functionality and features of both to arrive at a minimum viable product solution that would combine the best of both worlds.
Linking pre-paid cards, checking balances on pre-paid cards was available with one mobile banking solution, not with the other
Mobile wallet was available with one mobile banking solution with more than 100,000 customers availing its use, whereas the other did not have this facility
Rebranding and positioning that would allow for customers of both the banks to use the new mobile banking solution with confidence
Resolution of various technology issues prior to commencing the new design and build of an integrated solution with well defined lead times and time of delivery
Benchmarking several technology solution providers who would prove to be the best partner to Atlas Mara Zambia
Working with an experienced and reputed fintech solutions provider who would combine banking knowledge and expertise with technology to design and build an integrated solution that was stable, and available to their customers 24/7
The mobile banking solution had to deliver a seamless omnichannel experience for Atlas Mara’s customers, both acquired and existing, by incorporating the best features from two existing mobile banking solutions
The mobile banking solution app and access to banking services through USSD had to be stable, with consistent performance
The implementation and support costs had to be reasonable, with quick resolution times and a flexible support structure
The Modefin Solution/ Approach
Modefin provided a rich omnichannel solution to Atlas Mara’s RFP that was clearly forward-looking, with features and functionality that was distinct and detailed
The modular approach was easier to build, deploy and evolve, which enabled Atlas Mara to prioritise the functionalities and channels that were critical for its customers which led to seamless transition to the mobile banking channel
Very clear timelines of delivery, competitively priced and flexible service support model made Modefin’s RFP a winning one
Before the integrated platform, Atlas Mara had 100,000 customers on the wallet. After introducing Tenga mobile wallet, the number of customers today exceed 1 million, in 24 months.
Modefin developed a reliable mobile banking channel that is now available to Atlas Mara’s customers 24/7, on the mobile, any time, any where and even with low or no internet connection
The mobile banking solution allows Atlas Mara’s customers to conduct several transactions including group savings, access to micro loans on Tenga, money transfers, group payments, card less withdrawals, and more
The Tenga mobile money wallet that evolved as a separate solution has proved to be a game-changer for Atlas Mara, given the MNOs operating in this space, and has enabled thousands of unbanked people, easy, quick and safe access to banking services
Increasing the number of customers using the mobile banking solution has led to decrease in overhead costs and cost of operations of physical branches, adding to the bank’s bottom line
Currently, just over 1 million Atlas Mara customers have access to banking services through the mobile solution or Tenga mobile wallet and this has led to a further enhancement of features and migration of several manual transactions from branches to the mobile banking channel
“I am delighted to have a technology partner that is aligned to my business needs and offer market leading solutions that meet my customers expectations. Modefin has been exceptional and remains very flexible in supporting our digital journey. We have been able to access close to a million customers using modefin technology in such a short space of time, an important reflection how the modefin technology has allowed us to reposition our business.”
Country Head – Retail & Digital Banking