Telenor Microfinance Bank Implement Temenos T24 For Their Core Banking System

Telenor Microfinance Bank are planning to implement Temenos T24 for their Core Banking System to enhance the digital financial services value chain by streamlining internal as well as external processes

Telenor Microfinance Bank, formerly Tameer Microfinance Bank, is one of the country’s leading microfinance bank which is based in Karachi. Founded in 2006 by Nadeem Hussain, the acquisition by Telenor Pakistan has helped improve the company in manifolds as they have been known to innovate in the Microfinance industry. Recently, it has been reported that Telenor Microfinance Bank have signed an agreement with NdcTech to upgrade their core banking system to Temenos T24 Transact.

NdcTech is a partner of Temenos that provides innovation services to financial institutes and banks They provide consulting on implementation, upgrade, support and training of Temenos and other Partner solutions. Telenor microfinance bank will be deploying Temenos’ core system via implementation partner and consultancy NDC. According to Telenor Microfinance Bank’s President and CEO, Mohammed Mudassar Aqil, he went on to state: “Telenor Microfinance Bank has always remained true to its vision of being a market leader through innovation”. Moreover, he also said: “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”.

The banks wants to use this agreement to monitor their transactions and hence, improve effecinecy and have better control. This will allow the companies to detect falsified activities and ensure that they meet regulatory requirements in an efficient and time saving manner through a digitally powered method of monitoring bank services. Moreover, the launch of this system will enable the bank to be safe from financial crimes and have a user-friendly experience to its customers. Jean-Paul Mergeai, MD of Temenos Middle East and Africa, noted to have said that Pakistan is a “key growth market” for Temenos. Finally, 45% of the bank is currently owned by Chinese fintech giant, Ant Financial, which purchased their 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.