Financial inclusion has been at the forefront of MC Systems’ (MCS) subsidiary Phoenix International’s commercial operations. The financial technology platform, which serves customers primarily in the Caribbean and Latin America, will drive the partnership with The Jamaica Association of Microfinancing (JAMFIN). Phoenix International will supply JAMFIN members with information and content designed to promote microfinance institutions’ growth as well as providing incentives to utilise new, modern financial solutions. In exchange, JAMFIN will provide industry-related insights and frequently share industry related changes and challenges. The relationship was formalized through the signing of a Memorandum of Understanding (MoU) on Monday, 27 March 2023, in Kingston, Jamaica.
It is anticipated that sharing mutually beneficial information will promote a better understanding of the local microfinance industry’s requirements and identify opportunities which JAMFIN’s member companies may leverage Phoenix International’s digital lending solutions to drive operational efficiency and customer experience.
Dmitri Dawkins, Commercial Director of Phoenix International, was thrilled to establish a partnership with the association; as it provides a valuable opportunity to continue the supporting financial inclusion, based on the impact modern banking and financial technology tools can have customer experience.
“As a Jamaican firm, we are familiar with the complexities of accessing and integrating financial services and products because of compliance and regulatory requirements. Given our extensive knowledge, we (Phoenix International) assist financial institutions with the guidance to move past obstacles, making them better able to focus on their core operations – serving their customers.”
He added, “microfinancing enterprises are leveraging technology to grow and become more competitive; however most providers are not aligned with our niche requirements, therefore, the main objective of this MoU is to ensure mutual understanding of industry needs and opportunities to leverage financial technology (FinTech) – through awareness programmes and member engagements.
Dr. Blossom O’Meally Nelson, chairwoman of JAMFIN, shares these sentiments and eagerly anticipates the progression of this mutually beneficial partnership. “JAMFIN is proud to be a staunch advocate for micro-finance- institutions, supporting growth and national development. Our membership comprises both new and innovative industry leaders and established companies that have been providing services to citizens of diverse socio-economic backgrounds. Therefore, this connection with Phoenix International will assist in enhancing our understanding of contemporary banking and lending goods, and with the sharing of our own industry experiences, we anticipate a developing relationship and a rising demand for business enhancements within our association.”
About Phoenix International
Phoenix International, a division of software business MC Systems, is a digital transformation partner offering core banking and value-added solutions that enable financial institutions to scale rapidly, sustainably, and inexpensively while meeting increased regulatory requirements. Phoenix International Limited has committed over $6 million since 2020 to modernize and upgrade its Core Banking Platform to meet the needs of financial institutions and clients in the Caribbean and Latin American regions.
For more information, please contact:
Ollyvia Anderson Leach/Renee Johnson I Phoenix International I MC Systems
10-12 Grenada Crescent I Kingston 5, Jamaica WI I 876-929-8661 I content@mcsystems.com I phoenixinternational.io