The Zimbabwe Allied Banking Group (ZABG) has signed a U$3 billion lease agreement with a Kenyan company, FinTech International, for a financial instalments management software (information technology) system, LeasePac.

The software system caters for a wide range of asset financing products such as leasing, loans, hire purchase, insurance premiums, order finance or invoice discounting, treasury and stock plans.

In addition, LeasePac has in-built general ledger, budgeting and a host of other accounting functions with the necessary credit rating and risk management modules.

The lease agreement would initially run for six months during which ZABG would evaluate its suitability and if satisfied with its operation the two parties would enter into a long-term agreement.

Implementation of the new software system would take six months while its installation would take only a month and during implementation FinTech would station its technical representative in Zimbabwe to oversee the implementation process.

LeasePac is currently running at 16 financial institutions, five of them in Zimbabwe. FinTech is an IT Africa group of companies specialising in providing integrated, turnkey technology solutions to financial and blue-chip institutions operating in Africa.

The group has strategic partnerships with international financial technology vendors that include I-flex, Mosaic, Microsoft and HP. It is also a technology partner in ZimSwitch, the local interbank electronic cash transfer and collection system.

FinTech is also a technology partner in the electronic funds transfer systems, the Zamlink in Zambia and Kenswitch in Kenya.

The Herald