Union Systems Limited, one of Africa’s leading financial software solutions providers, has announced that Wema Bank Plc has gone live on Kachasi Trade Finance Software to achieve full automation of their trade finance operations.
The ICT firm disclosed that the lender started the move in March 2022 when it subscribed to its Kachasi solution and subsequently activated the software on the 15th of August 2022.
Kachasi is the first indigenous trade finance software application built to automate the entire lifecycle of international and domestic trade finance operations for banks across Africa.
As Africa’s first fully digital bank, WEMA Bank is again at the forefront of providing innovative digital solutions to its customers.
Commenting on the successful deployment of the software, Wema Bank’s Divisional Head of Operations & General Service, Tajudeen Bakare, said “We are pleased to be joining the league of banks around the world that are using technology to transform trade finance operations.
“This project will significantly reduce the turnaround time, improve operational efficiency, and unlock new revenue streams for the bank. It will also improve the bank’s ability to respond quickly to regulatory policies and updates”
Similarly in his remarks, the lender’s Divisional Head, Client Service, Union Systems Limited, Seun Adeleye, enthused: “Our enterprise project delivery methodology, superior domain expertise, and the Wema Bank team’s matching determination, dedication, and support resulted in the project being completed in a record time of four (4) months.
“This has been a model implementation, demonstrating what can be accomplished through effective collaboration between African financial institutions and competent indigenous technology vendors”, the banker added.