Barko, Temenos to launch a digital bank in South Africa

Wednesday 27 October 2021 11:22 CET | News

Banking software company Temenos has announced that microfinance company Barko plans to enter the retail banking market in South Africa with a new digital bank.

The digital bank is to be 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. The investment in Temenos’ Open Banking platform will enable Barko to launch new banking products, from deposit and savings accounts to credit and loans.

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, affordable banking products and services across its digital and branch channels. Barko already uses Temenos Infinity to deliver an improved omnichannel lending experience with access to microfinance via a digital lending app and a network of more than 200 branches.

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.

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Keywords: partnership, Temenos, digital banking
Categories: Banking & Fintech
Countries: South Africa
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Banking & Fintech

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