PolCoop, the Nigeria Police Force’s cooperative society and credit union, has adopted BankOne, the integrated financial services platform
developed by leading technology firm AppZone. A member-owned non-profit financial institution, PolCoop manages the financial affairs of more than 400,000 police officers across Nigeria. The organisation also oversees at least 800,000 accounts and provides its members with voluntary and compulsory savings products in addition to low-interest loans.
Savings contributions and loan repayments are deducted directly from officers’ salaries. BankOne will eliminate several challenges faced by PolCoop including time consuming and error-prone manual management of financial records. The platform will process the automation of all financial operations leading to significant improvements in speed, accuracy, transparency and fraud-reduction. It will also enable members of the cooperative to make withdrawals from their savings accounts without having to travel to the Lagos headquarters of PolCoop. Members can also conveniently access their savings accounts at more than 10,000 ATMs across the country.
Customers who do not own cards have the option of processing instant transfer of funds to accounts domiciled in commercial banks. BankOne also provides customers with the option of linking their PolCoop account to their mobile phones in order to initiate transfers and settle bills via compatible handheld devices.
The rollout is being implemented across the thirty-six branches of the cooperative and is being handled by experts from BankOne’s parent company AppZone. This rigorous exercise will involve updating and verifying member and financial data to ensure absolute compliance with global best practices.
BankOne is a financial services IT platform that combines world-class core banking functionality with access to a wide variety of electronic channels. Its current focus is on non-bank financial services institutions:
MFBs, PMIs and Cooperatives, providing these institutions with the ability to manage transactions via ATMs, POS terminals, mobile phones, the Internet and Mobile Money agents amongst others.
