Telenor Microfinance Bank, one of Pakistan’s leading microfinance banks, has signed an agreement with NdcTech, a partner of Temenos, to upgrade its core banking system to Temenos T24 Transact.
The microfinance bank will be deploying Temenos’ core system via implementation partner and consultancy NDC.
“Telenor Microfinance Bank has always remained true to its vision of being a market leader through innovation,” said Mohammed Mudassar Aqil, the bank’s president and CEO.
Partnering with NDC to implement Temenos solutions will allow us to enhance the digital financial services value chain by streamlining internal as well as external processes.
Pakistan is a “key growth market” for Temenos, notes Jean-Paul Mergeai, MD of Temenos Middle East and Africa, and TMB marks its 15th customer in the country.
The bank aims to achieve greater efficiency by monitoring transactions better, controlling fraudulent activities and complying with regulatory requirements in a timely manner all while empowering its field staff to digitally perform banking services.
Moreover, the implementation of this system will enable the bank to be secured from financial crimes and provide a better interface and user-friendly experience to its customers.
45% of the bank is owned by Chinese fintech giant, Ant Financial, which purchased its stake for a $184.5 million investment back in March 2018. It had been known as Tameer Microfinance Bank until the 2017 takeover by Telenor.
Temenos T24 is the world’s best-selling, most functionally rich core banking software used by over 1,000 banks in all sectors and geographies. It is a core banking system providing product definition, transaction processing, unparalleled operational scalability and functional depth for all retail banks, corporate banks and private bank and wealth managers.