According to Mr Tunde Oladele, Sofgen Africa chief executive officer, the launch of the Temenos T24 cloud platform is meant to offer local small and medium (SME) banks and microfinance institutions a secure core banking system on a shared model accessed via a pay-per-use model.
Speaking during this year’s Sofgen executive committee meeting held in Nairobi on Friday August 17 which brought together top Sofgen executives as well as top management and representatives of various client banks and financial institutions, Mr Oladele said that most MFIs are unable to invest in robust IT systems due to high costs involved.
“Microfinance institutions (MFIs) are faced with increased cases of fraud due to their non-robust IT systems and infrastructure. This can be mitigated against with the use of the Temenos T24 cloud-based software which is available more cost effectively on a subscription basis with the charges being made depending on the number of accounts and clients,” said Mr Oladele.
The Temenos T24 cloud-based banking software solution, added Oladele, is comparatively cheaper as no operational expenditure and annual license fees to maintain and support continuous investment are required from the client, with the only charges being the annual subscription and on-boarding fees.
The launch of the Temenos T24 cloud-based software for MFIs by Sofgen comes when the industry is faced with rising cases of online fraud, with a recent research by Deloitte East Africa indicating that East African banks lost Kshs 4.05 billion (US $ 48.3 million) to fraud in the last 18 months or upto June 2012, mainly through insider collusion.
Mr Alexandar Dembitz, Sofgen Group chairman noted that lax standard within countries’ banking systems and infrastructure also provides loopholes for fraud and money laundering to rise and thrive.
The Temenos T24 MFI banking software solution provides the client with a pre-configured model bank based on microfinance and community banking best practices and comes with all the necessary control, efficiency, productivity, scalability and low-cost business benefits.
MFIs and community banking providers – the target market for the Temenos T24 cloud-based software – offer low income earners and those in informal employment access to basic financial services such as loans, savings, money transfers and micro insurance. The MFIs and community banks serve an estimated 40 per cent of the world’s population and have a growing market worth about US $ 80 billion globally.
Nairobi’s Local microfinance institutions are now able to access worldclassTemenos T24 core banking software more cost effectively after Sofgen, an IT consulting firm, introduced the solutions on a shared model accessed via the cloud platform.
According to Mr Tunde Oladele, Sofgen Africa chief executive officer, the launch of the Temenos T24 cloud platform is meant to offer local small and medium (SME) banks and microfinance institutions a secure core banking system on a shared model accessed via a pay-per-use model.
Speaking during this year’s Sofgen executive committee meeting held in Nairobi on Friday August 17 which brought together top Sofgen executives as well as top management and representatives of various client banks and financial institutions, Mr Oladele said that most MFIs are unable to invest in robust IT systems due to high costs involved.
“Microfinance institutions (MFIs) are faced with increased cases of fraud due to their non-robust IT systems and infrastructure. This can be mitigated against with the use of the Temenos T24 cloud-based software which is available more cost effectively on a subscription basis with the charges being made depending on the number of accounts and clients,” said Mr Oladele.
The Temenos T24 cloud-based banking software solution, added Oladele, is comparatively cheaper as no operational expenditure and annual license fees to maintain and support continuous investment are required from the client, with the only charges being the annual subscription and on-boarding fees.
The launch of the Temenos T24 cloud-based software for MFIs by Sofgen comes when the industry is faced with rising cases of online fraud, with a recent research by Deloitte East Africa indicating that East African banks lost Kshs 4.05 billion (US $ 48.3 million) to fraud in the last 18 months or upto June 2012, mainly through insider collusion.
Mr Alexandar Dembitz, Sofgen Group chairman noted that lax standard within countries’ banking systems and infrastructure also provides loopholes for fraud and money laundering to rise and thrive.
The Temenos T24 MFI banking software solution provides the client with a pre-configured model bank based on microfinance and community banking best practices and comes with all the necessary control, efficiency, productivity, scalability and low-cost business benefits.
MFIs and community banking providers – the target market for the Temenos T24 cloud-based software – offer low income earners and those in informal employment access to basic financial services such as loans, savings, money transfers and micro insurance.
The MFIs and community banks serve an estimated 40 per cent of the world’s population and have a growing market worth about US $ 80 billion, globally.
