A leading IT consulting firm Sofgen launched in the country,
a banking software branded ‘Temenos T24’ on a shared model accessed via the
cloud platform.
Local small and Medium (SME) banks and microfinance institutions,
which are the main target for the new service, are set to benefit from a more secure
core banking system through pay-per-use model.
Speaking during last week’s Sofgen executive committee meeting
in Nairobi, Sofgen Africa CEO Tunda Oladele said that microfinance institutions
in the country fail to invest in robust IT systems due to high costs. Leading
to the increased number of fraud cases in the mentioned institutions.
Sofgen tags its software as comparatively cheaper to
maintain, having no operational expenditure as well as annual license fees. It only
has annual subscription and on-boarding fees.
The software comes as a great relief to the banking industry
in the region as a recent research by Deloitte East Africa showed that the East
African banks lost Sh4.05 billion (approx. $48.3 million) to fraud in the last
18 months, mainly through insider collusion.
Temenos T24 microfinance institution banking software
solution comes with a pre-configured model bank based on microfinance and
community banking best practices.
About Temenos T24
Temenos T24 is a banking system that pairs the most comprehensive
and most powerfully flexible business functionality with the most advanced and
scalable architecture.
T24 is built on open architecture, offers low cost of
ownership and uses established standards such as HTTP, XML, and J2EE. Its design
offers multiple application server support offering horizontal scalability and
supporting huge numbers of users with non-stop resilience.
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