Barko Financial Services (BFS) is a leading microfinance institution in South Africa. By expanding into retail banking, the innovator is planning to shake up the region’s industry, fulfilling the unmet needs of lower-income South African consumers. To underpin its transformation, BFS will deploy cloud-native, cloud-agnostic Temenos T24 Transact to replace legacy core banking systems, and Temenos Infinity to elevate its digital banking customer experiences. With Temenos T24 Transact and Temenos Infinity, BFS expects to dramatically accelerate customer onboarding, cut loan application and origination times, speed time-to-market for new products and services, and reduce total cost of ownership.
“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.”Kobus de Wet, Chief Executive Officer