FEP installs platform to seal procurement loopholes

FEP Holdings, which is currently pursuing six former officials for Sh67 million theft, has implemented an Enterprise Resource Planning (ERP) system worth Sh13.5 million.

The investment group in which the diaspora has heavily put cash said this would improve efficiency and enhance internal controls.

The chief executive of the loss-making chama, Mr Maurice Korir, said Monday the strategy is to attain a minimum year-on-year bottom line growth of 30 per cent and sustain profit before tax of at least Sh1 billion by 2020.

“The SAGE evolution system will improve our management information system and streamline operations for optimal growth,” said Mr Korir.

The ERP system comes with a procurement module to ensure purchases follow established policies and tiered approval. The system also features fixed asset management and tagging, securing inventory of assets valued at Sh3 billion.

He said this was important to safeguard existing assets. “We have already linked the branches of Fountain Technologies Limited in Uganda and Tanzania to our ERP system, with Ghana due to be linked this month,” said Mr Korir.

The installation is expected to support employee payroll and performance management, improve gathering of business intelligence and harness the use of ICT.

It will be extended to Fountain Credit Services Limited, which installed a new core banking system and is set to roll out digital loans by April.