Kobus de Wet, CEO, Barko Financial Services

South African microfinance institution Barko Financial Services has selected Temenos‘ T24 Transact and Infinity for replacing its legacy systems in both core and front office, thereby improving the customer experience. The implementation will allow Barko to offer financial products aimed at the lower-income South African consumers. It is expected to reduce the time taken for originating loans, for targeting re-loan applications as well as for new loan completion.

Kobus de Wet, Chief Executive Officer, Barko Financial Services, said, “We are delighted to be working with Temenos as our strategic technology partner. 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 personalized 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. We wish to offer lower-income customers a personalized experience that is typically reserved for private clients.”

The supplier states that post-implementation, Barko Financial Services will experience accelerated project timelines, reduced deployment costs, product agility and faster time to market. It is expected to benefit from operational efficiencies owing to the low ownership cost.

Barko Financial Services is a microfinance institution that has over 170 branches and caters to millions of modest-earning South Africans. It is in the process of applying for a banking license with the ambition to launch a retail bank that will challenge the status quo in South Africa by offering financial products aimed at better meeting the needs of lower-income South African consumers

Jean-Paul Mergeai, Managing Director – the Middle East and Africa, Temenos, said, “Technology is playing a pivotal role in making financial inclusion a viable option for everyone. We are delighted to partner with Barko Financial Services, which joins the Temenos family, and it can leverage our experience of serving over 220 microfinance institutions as well as our expertise in helping new banks to launch. By selecting our cloud-native, cloud-agnostic packaged software Barko Financial Services will benefit from a fast implementation. Barko Financial Services will be best positioned to leverage technology innovation to offer an outstanding customer experience at a reduced cost. We look forward to working with Barko Financial Services as it transforms the services that it offers to its customers.”

Recently, Bank of Kigali selected Temenos‘ banking software in a bid to support its growth goals as well as its financial inclusion strategies.

by Megha Bhattacharya
Market Analyst at IBS Intelligence