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Payments General

South Africa: Barko Financial Services partners with Temenos

Friday 12 July 2019 | 01:19 PM CET

South African microfinance institution Barko Financial Services has chosen Temenos software to support its ambition to launch a retail bank.

Barko Financial Services has replaced its core and front office legacy systems with cloud-native, cloud-agnostic core banking software Temenos T24 Transact and digital banking product Temenos Infinity.

The aim is to reduce costs, improve operational efficiencies and accelerate product-to-market timelines for Barko, which has applied for a banking licence. With 170 branches, the institution serves millions of lower-income South Africans such as government employees, mineworkers and civil servants.

Temenos’ software will enable Barko to slash onboarding and loan application times and offer rural customers digital banking via their mobile devices.

Barko Financial Services is expected to go live with Temenos software in six months.

More: Link
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