Microcred reinforces ten year Temenos relationship with new license deal to support global retail growth strategy
Temenos (SIX: TEMN), the software specialist for banking and finance, today announces that Microcred Group, the provider of financial inclusion solutions to clients in Africa and China, is moving forward with a new license for Temenos MicroBanking Suite to support its strategy for growth and product diversification.
Microcred has been a Temenos customer for 10 years, offering financial inclusion solutions across 8 different entities. This new license deal will enable Microcred to transition from pure micro-finance provider to leading provider of financial services in emerging markets, and support them with their growth target of being in at least 17 countries by 2020.
With this move, Microcred clients will be supported by single instance, multi company and multi operation deployment of Temenos software that will allow them to scale their offering as they grow from a microfinance institution to a retail bank. The single instance platform will be operated from Dakar and will deliver best in class IT and operational efficiency, on a scale rarely seen in retail banking.
Denis Moniotte, Chief Innovation Officer and CTO at Microcred said:
"A robust and open back end is essential to innovation in financial services. It allows our systems to scale and remain nimble. This is what Temenos provides. We see a lot of other players with very interesting new technologies but struggling to move from one successful operation to a global multi country operation at scale. When Microcred decides to move into a different direction or change markets, it's not a question of more implementation, but a simple configuration in the back end."
Murray Gardiner, Business Director, MicroBanking at Temenos:
"We are delighted that Microcred selected Temenos to support them with their growth strategy. This decision demonstrates the strength of our partnership and the ability of our core banking solution suite to scale and grow with the current and future needs of our clients."