BNPL with or without equity
The bank disburses to the vendor’s account, and the customer’s equity contribution is validated at origination.
Already running in Nigeria
Fiter implements Apache Fineract for Nigerian financial institutions. Device financing, dollar savings, target savings and instant loans are already built, with enough throughput to compete with fintechs. It is open source, there are no licensing fees and you keep the code.
Already built into the core
Device financing paid to the vendor, equity contributions from the customer and instant loans with top-ups are standard in Nigeria. We have built all of them for Nigerian institutions.
The bank disburses to the vendor’s account, and the customer’s equity contribution is validated at origination.
A top-up carries over the remaining term of the loan, so the schedule is extended and does not start again.
Limits on restructuring are enforced at product level.
You set how many times an overdue penalty can recur for each product, and the arrears tolerance for each account.
Interest on loans and overdrafts can be calculated by the hour, for short-term products where a daily calculation is not precise enough.
You can cap the number of active loans a client holds across all products.
Naira is converted and locked at a fixed rate, and interest accrues daily. Minimum balances and tenors are configurable per product.
Target savings link to a savings account, charge a penalty when a target is missed and handle withholding tax.
Withdrawal windows limit how often customers can withdraw in each period, which rewards customers who keep saving.
Fixed deposits support top-ups, premature liquidation with tiered fees and rate-chart overrides per account. Interest posts and compounds correctly at maturity.
When you change a rate, interest accrues and posts at the current rate, including on accounts opened under an earlier one.
On linked accounts, savings debits are blocked when a loan is past due and incoming credits are applied automatically.
Nigerian fintechs settle in real time, and customers compare your bank against them. We built a transaction middleware with a high-throughput ledger, and change-data-capture that reads from legacy systems with sub-second latency. With Fiter modules, Fineract processes in the range of 600 transactions per second under real production load.
Balances update immediately on every channel, and the core posts the accounting afterwards.
Change-data-capture replicates data from the legacy core with sub-second latency.
Throughput limits are set for each integration.
We run alongside FlexCube, Finacle, T24 and BankOne. Customers are migrated account by account while the bank keeps operating.
A router records which core holds each account and sends every transaction to the right one.
Legacy data is replicated in real time, so both cores hold the same data during the migration.
Your channels see one view of each customer, whichever core holds the account.
Customers are onboarded in KYC tiers based on BVN, NIN and proof of address, in line with CBN rules. Each tier has its own transaction and balance limits.
BVN and NIN are validated through NIBSS or an identity provider. The validated biodata can prefill your onboarding forms.
Each BVN must be unique, duplicates are detected across systems and validated identity fields are protected from edits.
The EMT levy is waived when the origin and destination accounts belong to the same customer, matched by BVN.
Corporate customers are onboarded with RC number, TIN, director BVN, UBO and signatory details.
Accrual accounting covers savings, recurring deposits and fixed deposits.
Operations teams can post from GL to customer accounts and from customer accounts to GL.
Narrations describe what each transaction was, so statements show more than “DEPOSIT” or “WITHDRAWAL”.
Compliance teams can filter the audit trail by client ID.
We have passed the infosec review of a licensed Nigerian bank.
HSTS, KMS-managed keys with rotation and restrictive CORS.
DAST, image scanning and dependency scanning run in the pipeline.
The pipeline requires a minimum of 80% code coverage.
Logs are written as structured JSON.
Batch processes are planned, controlled and monitored from a single controller.
Branch tellers handle deposits, withdrawals, loan payments, bill payments and cheques, with status management for cheques.
Cross-currency transactions generate their FX buy and sell entries automatically.
Customers draw on the line and repay fully or partially, with terms set for each use.
Repayment reminders and confirmations are sent to your notification service. A standing instruction that fails for lack of funds raises an alert.
Fiter migrates the data from your current core, and documents are stored on the cloud you choose.
Savings products that fund your loan book, tier-based limits and hold-overdue enforcement.
Vendor-directed disbursement, equity contribution validation and top-ups with carried terms.
High-throughput transaction paths, instant balances and security controls that have passed a bank infosec review.
Savings, deposits, lending, cashier and FX on one open source core that you own.
Built on Apache Fineract, governed by the Apache Software Foundation. Fiter has implemented it since 2017 and has members on its Project Management Committee (PMC).
Fineract is licensed under Apache 2.0, so you pay nothing per account, per customer or per transaction. The license cost stays at zero as your book grows.
Fiter hands over the source code when development is done. Your technology team and your auditors can review what runs your book.
You decide where the system runs (AWS, Azure, GCP or on-premise) and who maintains it. If you change vendors, you keep the core.
When your portfolio needs something the core does not do, we can propose the change, vote on it and build it ourselves, without waiting on a third party.
Book a demo
Bring a lending product, a savings product or a migration plan, and we will walk through it on the system.