HPD Software and FCI collaboration fuels Kenyan student’s dreams to bring factoring to Africa
FCI Foundation Course on Domestic and International Factoring at the end of 2016, HPD Software, a go to provider of secured lending software, announced its annual bursary for students from a variety of emerging markets to complete the FCI’s Foundation Course on domestic and international factoring. The course was developed by FCI, the Global Association for the Open Account Receivables Finance Industry. Keen to facilitate education and development of the commercial finance industry, HPD and FCI came together to support those wishing to enter the sector, and under the HPD project FCI provided 22 free licences to students in emerging markets in 2017.
Graduate, Claudius Kurtna, a 28-year-old Kenyan citizen, studied in Uganda for his A-Levels and then returned to Kenya to complete his education in business administration. He was one of the first students to graduate on the Foundation Course.
Claudius said:
“I have always tried to gain a grasp on where the future is going. I am particularly interested in the area of software for financial institutions and am particularly fascinated in the factoring model. I am passionate about increasing the level of trade across the African continent, between countries – Africa should do more trade with itself, and I believe factoring offers the perfect solution for that.”
For some time, Claudius has been a keen follower of Afreximbank, the African export import bank. Through the bank, he received details of the FCI Foundation Course, which he then signed up for.
“The course seemed to offer the perfect online introduction into factoring covering four key areas:
– Understanding domestic and international factoring
– Historical background to factoring
– Selecting and onboarding the seller
– Business process and managing the seller
“I can see the real potential for factoring in Africa, and I am keen to be part of this. I believe that few people understand what it is or how to leverage its potential. I knew that having this grounding could really help me to progress not only my own career, but to also be part of something much bigger in the future.”
Claudius was able to complete the entire Foundation Course in Factoring via an online portal during a one-month period. He passed the exam in October 2017.
Claudius said:
“The course has given me the confidence to begin exploring a possible career as an outsourced factoring agent or specialist for African financial institutions. And I’d like to now begin saving to complete the second tier of the course, to provide me with even more comprehensive knowledge – something I will look into during 2018.
“I now have a much better understanding of the concept and value of factoring and its ability to help support trade growth. Factoring could help to unlock trade finance, and issues relating to SME cash flow. When it does take off in this market, I want to be part of that movement, and this course has provided the stepping stone towards me achieving that ambition.
“It is wonderful to have a certificate with FCI’s backing, and HPD’s sponsorship will help me and many other students across emerging markets to realise our dreams. At the end of the day, knowledge is power.”
Kevin Day at HPD Software, added:
“It’s great to be part of Claudius’ story, and we wish him well with the next stage of his journey. We look forward to supporting more students through the bursary.
“We are a truly global company, and supporting growth across new and emerging markets is in our DNA.”
Peter Mulroy, FCI secretary general, said:
“I am happy to have HPD helping FCI to develop the knowledge of factoring in emerging markets. This initiative is fully in line with one of the missions of FCI to actively support the growth of the Industry and spread the best practice in the world.”
