MICROCAPITAL BRIEF: Tagit Developing Mobile App for Advans Microfinance Institutions in Africa, Asia

Advans Group, a Luxembourg-based microfinance organization with operations in nine low- and middle-income countries, recently partnered with Tagit, a Singapore-based mobile technology company, to develop a mobile banking application for Advans customers. The app will be based on Tagit’s Mobeix retail banking product, which offers functions such as person-to-person transfers, bill payments, mobile device credit top-ups, card-less transactions via automated teller machines, and scheduling payments and transfers.

The Advans app is to be rolled out in eight markets. Advans Nigeria, which is also known as Advans La Fayette Microfinance Bank, already offers an app called Adspire.

Founded in 2004, Tagit operates in ten countries in Africa, Asia and North America. Its services include platforms for “digital government,” online commerce, online payments, payment cards, personal banking, agent banking and corporate banking. Financial information on the firm is unavailable.

Advans was launched in 2005 by the EU’s European Investment Bank, the World Bank Group’s International Finance Corporation and development finance institutions of the Dutch, French, German and UK governments. The entity is organized as a holding company whose mission is to increase access to financial services for micro-, small and medium-sized enterprises (MSMEs) in emerging economies. In addition to supporting MSMEs, Advans’ subsidiaries also offer loans to individuals for agriculture, education and housing. The network serves clients in the following countries: Cambodia, Cameroon, Côte d’Ivoire, Democratic Republic of Congo, Ghana, Myanmar, Nigeria, Pakistan and Tunisia. As of December 2020, the units of Advans held an aggregate gross loan portfolio of EUR 1.08 billion (USD 1.27 billion) and EUR 608 million (USD 720 million) in customer deposits.

By Arin Atluri, Research Associate

Sources and Additional Resources

Advans press release
https://www.advansgroup.com/en/media/news/advans-selects-tagit-to-digitize-customer-experience-in-microfinance/

Tagit homepage
https://www.tagitmobile.com/

Tagit Mobeix platform
https://www.tagitmobile.com/platform/

Advans Nigeria Adspire app
https://play.google.com/store/apps/details?id=com.lafayette.app

Advans Nigeria homepage
https://www.advansnigeria.com/

Advans Group homepage
https://www.advansgroup.com/

Advans Group financials
https://www.advansgroup.com/what-we-do/our-performance/

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