e-Barcs Microfinance Bank reports 49% growth in loan disbursement using Recova by Qore, streamlining credit automation and risk control nationwide

E-Barcs Microfinance Bank Limited has recorded a 49% increase in loan disbursement between January 2024 and July 2025, crediting its success to the adoption of Recova, a fully automated 360° lending solution developed by Qore.

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The bank partnered with Qore to digitise and scale its lending operations, aiming to improve efficiency, speed, and risk management.

Since the adoption, the bank has also doubled its overall lending volume, reflecting stronger internal systems and growing market demand.

“We have now completely automated our credit appraisal system, which has removed manual processes and resulted in a stronger internal credit control system for our bank,” said Abayomi Makinde, Head of Risk at e-Barcs MFB.

Recova, Qore’s flagship lending automation platform, streamlines credit processing and eliminates human error, significantly reducing both operational and credit risk.

It also enables faster loan approvals and disbursements, allowing the bank to serve more customers across Nigeria.

According to Chidinma Obi-Ezike, Head of Lending Automation Business at Qore, “Recova was built to help institutions improve their lending processes and grow faster. e-Barcs MFB is a perfect example of how technology can transform financial service delivery.”

With nine branches nationwide, e-Barcs MFB is positioning itself as a technology-forward institution committed to inclusive financial growth.

The success of its Recova partnership serves as a model for other microfinance and commercial banks aiming to automate and expand lending responsibly.

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Qore has reaffirmed its readiness to support all financial institutions seeking to optimise their lending operations and deliver improved services through innovation.