Project Summary

Smartfric partnered with a leading regional bank to design, develop, and deploy a complete Digital Wallet System that empowers customers to self-onboard, transact seamlessly, and access formal financial services through mobile channels. The project modernized the bank’s onboarding workflows while extending financial inclusion to underserved communities.

Client Challenges

Before implementation, the bank faced:

• High customer acquisition costs
• Manual KYC processes that caused onboarding delays
• Limited reach to remote clients
• Fragmented data capture between branches and field teams
• Slow account-opening turnaround

The bank needed an affordable, scalable digital solution that could enable instant account creation, streamline compliance, and support fully mobile onboarding.

Solution Delivered by Smartfric

Smartfric engineered an end-to-end Digital Wallet and Onboarding Ecosystem, consisting of:

1. A Low-Cost Core Banking Backend (Smartcore Edition)

A tailored version of Smartcore was deployed to serve as the digital wallet engine supporting:

• Customer registration
• Account management
• Transaction processing
• Mobile money integration
• Tiered KYC and compliance
• Wallet balance and transaction limits

2. Customer Self-Onboarding Portal

A modern, mobile-first digital onboarding platform allowing customers to:

• Open wallet accounts remotely
• Submit personal details and KYC documents
• Verify identity instantly
• Receive immediate account activation

This dramatically reduced time spent in branches and enabled digital-first banking.

3. Mobile Digital Field Application for Bank Agents

Smartfric developed a field-based mobile application for the bank’s staff and agents to:

• Register customers in real time
• Capture client information and photos
• Validate KYC documents on the spot
• Sync data directly with the Smartcore system
• Serve customers in remote regions without branches

This expanded the bank’s footprint without increasing infrastructure costs.

4. Regulatory-Compliant KYC Management

The platform integrated streamlined KYC workflows including:

• Multi-tier approvals
• Automated document checks
• Secure data storage and encryption
• Standardized audit trails

Ensuring alignment with Bank of Uganda regulations.

Impact & Results

The project achieved significant transformation, including:

• 70% reduction in onboarding time
• Increased account opening rates, especially in rural areas
• Lower operational costs through digitized workflows
• Improved compliance with consistent KYC validation
• A modern customer experience powered by mobile-first banking