Two indigenous software companies, SystemSpecs and Maxim-Pro, have signed a Memorandum of Understanding to assist over 125 microfinance banks in Nigeria.

A statement signed by SystemSpecs' Head of Brand and Marketing, Mr. Moses Braimah, which was made available to the News Agency of Nigeria on Tuesday in Lagos disclosed this.

According to the statement, the MOU entails the seamless integration of microfinance banks with e-transactions and the training of the banks' key personnel.

The Managing Director, SystemSpec, Mr John Obaro, was quoted as saying that the MOU was a major milestone in the penetration of true e-payment service to various strata of the banking sector.

He said, 'It is another testimony of what collaboration between indigenous firms can achieve if they look for common ground to work together.

'The Institute of Software Practitioners of Nigeria has consistently advocated this type of collaboration among indigenous software developers in Nigeria,'' Obaro said.

The Managing Director, Maxim-Pro, Mr Yinka Oyewumi, said that the company was confident that it had made the right decision and chosen the right e-payment solution.

Oyewumi said that the e-payment solution would make payment a delight to customers of MFBs.

He added that it would eventually result in the spread and permeating of e-payment to rural areas in the country.

'Through this collaboration, the MFBs will become CBN compliant and will continuously benefit from the world class technology provided by SystemSpecs,'' Oyewumi said.