By Echeburu Oby
The Federal Executive Council presided over by President Muhammadu Buhari, has approved the sum of N487 million for the procurement of a banking application software for the Federal Mortgage Bank of Nigeria (FMBN).
Babatunde Fashola, Minister of Works and Housing disclosed this at the meeting of the Council in Abuja on Wednesday.
He stated that the hope of this software would increase the effectiveness of the bank, in line with modern banking techniques. By enabling the Bank provide all necessary services that other banks provide across its branches nationwide.
Pointing out that “Unlike other banks, the Federal Mortgage Bank has been unable to send automated messages, statements and the rest we of which we all know to its National Housing Fund contributors. And the ability to operate accounts form any branch notwithstanding where the account was opened.”
Fashola stated, that the application of the software, when fully installed, would assist the bank in doing lot of automations, reconciliations, loans and credit processing.