In line with its commitment to ensure swift expansion of the micro small
medium enterprises (MSME) market segment, Heritage Bank has introduced
MyStocKIT, an android hand-held solution that enables clients to track
stock movements, maintain
dynamic stock levels and address fundamental accounting/book keeping
management requirements of the business.
Heritage Bank becomes the lead bank to launch this solution driven
application that caters to single and multi-stores integrating all
aspects of the retail business, which provide leeway for users of the
product to keep stock of inventory.
Fela Ibidapo, the Group Head, Corporate Communications, stated that it
was part of the Heritage Bank’s mandate to ensure rapid growth of the
bank’s client footprint and overall wallet share.
He explained that MyStocKIT would provide an automated/innovative
response to peculiar challenges identified with various retail outlets
and collections platform with its preferred ability to integrate
exclusively with the bank’s payment systems.
According to him, the product will reduce reliance on paper ledger stock
management practices with associated risks, promote positive merchant
brand perception serve as a vehicle for market/ business expansion and
track all card and cash payments in store.
“The application to be deployed will assist identified and prospective
clients in addressing the following key challenges currently being
experienced amongst others: cumbersome daily operations due to manual
documentation of orders, poor turnaround time in
customer service delivery, inaccuracy in stock/ inventory management,
inadequate performance reporting across sales points/ stores and remote
performance tracking,” he explained.
Ibidapo further explained that the product is available only for Android
devices (Phones and Tablets), while to access the application, the user
will be required to go to Play store, search for MystocKIT app and
download and install.
The bank’s spokesperson, however disclosed that the target market for
MyStocKIT include but was not limited to restaurants, corner stores,
boutiques, salons, bars & lounges, as the clients would be offered
low license and support fees plus price discount for
the first 100 customers and free POS or mPos terminal with each
licence.
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