27 March 2017
Visit EBAday.com

Jamaica National Building Society's small business loans subsidiary chooses Mambu

30 July 2014  |  1440 views  |  0 Source: Mambu

JN Small Business Loans Limited (JNSBL), the small business loans subsidiary of Jamaica's third largest financial institution, Jamaica National Building Society, has selected Mambu as its new core banking platform.

JNSBL is recognised as the leading provider of small business loans in Jamaica, and since its inception in 2000, has disbursed some J$18.8 billion in loans to small and micro entrepreneurs through its network of 26 locations, across the country.

As Mambu's fourth customer in Jamaica, JNSBL is replacing its existing in-house solution with Mambu's cloud banking platform, to streamline its existing business operations and support new business growth, as the loan company expands its business via digital channels.

"JNSBL delivers affordable working capital to entrepreneurs who have limited access to credit from traditional banking sources and with Mambu's cloud banking platform, we will significantly improve our existing operations and gain the business agility we need to provide new digital services that will increase customer service and help reduce the cost of funds to our customers," said Philip Bernard, General Manager of JN Small Business Loans Limited.

He explained that JNSBL plans to launch the online loan origination for small businesses, a first for Jamaica, in addition to growing its offline business and motor vehicle financing while delivering financial support tools to its clients. It is projected that JNSBL will go live on Mambu's platform by the first quarter of 2015.

In addition to supporting business growth, the Mambu implementation will reduce operational costs allowing JNSBL to maintain its competitive edge in the local market.

"JNSBL is one of the pioneers in small business lending in Jamaica and the company plans to remain at the cutting-edge of new technologies, which will generate higher levels of customer satisfaction," said Eugene Danilkis, co-founder and CEO of Mambu. "Consequently, with the Mambu platform, JNSBL will be better positioned to increase its market share, expand its digital services in online and mobile channels, and assist more small businesses."

Currently, JNSBL provides loans froom a minimum $30,000 to $500,000 to micro-entrepreneurs and a minimum of $501,000 up to $5 million for small business operators. Micro loans may be borrowed for a period of 10 to 50 weeks; however, small business loans may be accessed for one to five years, depending on the type of financing. An interest rate of 1% per week is applied to micro loans, while a rate of 10% to 25% is applied to small business loans on the reducing balance. 

Comments: (0)

Comment on this story (membership required)

Related blogs

Create a blog about this story (membership required)
visit abe-eba.euVisit capgemini.com

Top topics

Most viewed Most shared
French retailer Carrefour launches online bank accountFrench retailer Carrefour launches online...
57626 views comments | 17 tweets | 36 linkedin
European Commission opens public consultation on fintechEuropean Commission opens public consultat...
10960 views comments | 47 tweets | 28 linkedin
MAS to roll out national KYC utility for SingaporeMAS to roll out national KYC utility for S...
10761 views comments | 32 tweets | 40 linkedin
hands typing furiouslyTwo key technologies driving Machine Learn...
7773 views 0 | 15 tweets | 3 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job