South African microfinance institution Barko Financial Services has selected Temenos strategic technology partner to support its plan to launch a retail bank.

Currently, it is in the process of applying for a retail banking license to serve lower-income South African consumers.

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The microfinance institution will deploy Temenos T24 Transact and Temenos Infinity replacing its legacy systems to deliver personalised services.

The implementation will streamline loan origination processes including re-loan applications and new loan completion procedure.

Additionally, the move will expedite project timelines as well as reduce deployment costs. Temenos Infinity will facilitate the launch of new products and services, while Temenos T24 Transact will better operational efficiencies.

Barko Financial Services has more than 170 branches in South Africa. It caters to modest-earning people including government employees, mineworkers and civil servants.

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Barko Financial Services CEO Kobus de Wet said: “Temenos has a worldwide reputation for robust, scalable banking software and an extensive presence in the African region.

“We selected Temenos’ packaged and open banking software to transform our customer experience, offer personalised products and services and drastically lower our total cost of ownership.

“With Temenos, we will be able to launch capabilities faster, if we get approval to establish a bank, and provide innovative products which are simple to use and tailored to add value to our target customers.”

Last month, Egypt’s Banque du Caire went live with Temenos Infinity omni-channel solution. Greece’s Eurobank Group also selected Temenos Infinity and Temenos T24 Transact to improve business.