Mibanco selects Temenos SaaS to modernise core banking

Peru-based microfinance lender Mibanco has selected Temenos SaaS to modernise its core banking infrastructure as part of a broader digital transformation strategy aimed at expanding access to finance for small businesses.

Under the agreement, Mibanco will implement Temenos Core and Temenos Data Hub on a software-as-a-service (SaaS) model. The bank expects the move to accelerate product development cycles, improve operational efficiency, and enhance customer experience, particularly for micro, small, and medium-sized enterprises (MSMEs).

Mibanco, part of the Credicorp group, serves more than 1.9 million active customers and manages assets of approximately $5.4 billion. The lender focuses on micro and small enterprises, including businesses operating in informal and underserved segments, delivering credit, savings, and insurance products through digital channels, correspondent agents, and an extensive branch network.

The adoption of a SaaS-based core banking platform reflects a broader shift among financial institutions in Latin America toward cloud-native infrastructure. By outsourcing platform management, banks are seeking to reduce legacy technology constraints, lower operational overheads, and redirect resources toward innovation and financial inclusion initiatives.

In Peru, where 99% of businesses are classified as micro or small and an estimated seven million individuals and enterprises remain unbanked, scalable digital infrastructure is viewed as critical to expanding formal financial access. Mibanco said the new platform would enable it to launch tailored products more quickly and support more reliable digital transactions.

The solution will run on Microsoft Azure, providing cloud infrastructure and deployment capabilities. Temenos SaaS is also available through the Microsoft Marketplace.

The deal further strengthens Temenos’ presence in Latin America’s microfinance and SME banking segment, where modernisation of core systems is increasingly seen as foundational to competitive differentiation and digital expansion.