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    TEMN   CH0012453913


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Barko to Launch a Digital Bank for Low-Income South Africans on The Temenos Banking Cloud

10/27/2021 | 02:28am EST
Barko to Launch a Digital Bank for Low-Income South Africans on The Temenos Banking Cloud

Temenos open banking platform will enable Barko to offer affordable, accessible banking services to unbanked South Africans

Press Releases, October 27, 2021
Temenos - Company

GENEVA, Switzerland - OCTOBER 27, 2021 - Temenos (SIX: TEMN), the banking software company, today announced that Barko, a leading microfinance company, plans to enter the retail banking market in South Africa with a new digital bank built on Temenos Transact and powered by The Temenos Banking Cloud. Barko will leverage the full front-to-back services, giving the new bank total control to create banking products that are easy to consume, configure and integrate with external applications.

With Temenos, Barko aims to disrupt the banking status quo with more accessible and affordable banking to advance the financial wellbeing of millions of South Africans underserved by traditional banks. Critically, the investment in Temenos' open banking platform will enable Barko to launch new banking products, from deposit and savings accounts to credit and loans, at speed and at a low cost.

Barko has applied for a Mutual Banking License to operate as a full service digital bank. In line with its social mission, the new banking capabilities powered by Temenos will enable Barko to further assist underserved and unbanked South Africans with longer-term and lower-cost loans, competitive affordable banking products and easy to use services with a seamless experience across its digital and branch channels.

Barko already uses Temenos Infinity to deliver a seamless omnichannel lending experience with fast access to microfinance via a digital lending app and a network of more than 200 branches.

More than 3,000 financial services institutions around the world rely on Temenos' modern, open, cloud technology. The Temenos Banking Cloud enables banks and businesses to consume, manage and maintain banking services in a secure, continually evolving, self-service platform. Using open APIs, banks can also collaborate and extend banking services with other fintechs and developers.

Kobus de Wet, CEO, Barko, commented:

"We want to build a digital bank for the millions of South Africans that are unbanked or underserved by the traditional banks. The extended collaboration with Temenos is critical to our mission. With Temenos modern cloud banking platform we can bring new products to market faster and at a significantly lower cost compared to banks on traditional core banking system. Ultimately, this means we can pass on savings with products and services that improve the financial lives of the people that bank with us."

Jean-Paul Mergeai, President - International Sales, Temenos, said:

"At Temenos we are passionate about transforming banking. Barko's entry into the South Africa retail banking market represents a significant moment for customers and the industry. We're pleased to work jointly with Barko to deliver the hyper-efficient cloud banking platform that will help it realize its ambitions of making financial services more affordable and accessible to all South Africans."


Temenos AG published this content on 27 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 October 2021 06:27:08 UTC.

© Publicnow 2021
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EV / Sales 2021 10,6x
EV / Sales 2022 9,40x
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Andreas Andreades Executive Chairman
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