MOHANOKOR MFI utilises TranzAxis to aid its expansion plans
MOHANOKOR Microfinance Institution Plc., a leader in the provision of inclusive financial services in Cambodia, has launched an in-house processing centre using the open development payments platform, TranzAxis, from Compass Plus. The move will allow MOHANOKOR to continue its expansion into rural areas and further develop its range of products and services to meet the needs of its customers.
The project was initially launched to enable MOHANOKOR to integrate with the Cambodian Shared Switch (CSS) following regulatory changes made by the National Bank of Cambodia (NBC). CSS was introduced as part of an initiative from the NBC to increase financial inclusion, modernise its payments infrastructure, reduce cash circulation, enhance the efficiency of payments services and promote interbank transfers in the country.
MOHANOKOR MFI selected Compass Plus and its open development payments platform, TranzAxis, to be the foundation of its in-house processing centre, and enable it to connect to CSS, due to the platform’s flexibility and ability to support both the MFI’s current needs and its requirements long into the future. Compass Plus drafted in its regional partner, eCam Solution, to ensure the integration went smoothly.
MOHANOKOR, Compass Plus and eCam Solutions worked closely together throughout the project, which went live in just six months. “Despite the challenges faced with implementing the project in the midst of the pandemic, through excellent collaboration and the expertise and professionalism of all teams involved, we ensured a smooth and seamless project was delivered on time,” said Vithou Pen, Managing Director of eCam Solution Co., Ltd.
Mr. Chhun Sopheak, Chief Executive Officer at MOHANOKOR, said: “By implementing TranzAxis, we now have a reliable payments platform with the flexibility and scalability to support the expansion of our business in Cambodia. We look forward to using its innovative functionality to develop and bring new products and services to our customers.”
“The financial services community, alongside the National Bank of Cambodia, is taking its mission of reducing the number of unbanked and underbanked individuals in the country seriously, and this initiative is certainly a huge step forwards,” said Igor Simonov, AVP, Business Development and Sales Manager at Compass Plus. “As a leading microfinance institution in Cambodia, we’re extremely pleased MOHANOKOR decided to launch its processing centre on TranzAxis. We’re excited about what the future holds and working together on further projects.”