ATMA Bank Case Study | Modefin

ATMA Bank Case Study

Overview

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.

The Challenge

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

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