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Heritage Bank Unveils ‘MyStocKIT’ to Ease Doing Business

By Dipo Olowookere

To improve ease of doing business in Nigeria, Heritage Bank has launched an android application called MyStocKIT, which enables clients to track stock movements, maintain dynamic stock levels and address fundamental accounting/book keeping management requirements of the business.

This is in line with the lender’s commitment to ensure swift expansion of the micro small medium enterprises (MSME) market segment.

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.

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According to the Group Head, Corporate Communications of Heritage Bank, Mr Fela Ibidapo, it was part of the 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.

He added that 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.

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“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.

Mr 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.

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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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Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

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