Microcred to become fully-fledged bank; Temenos to provide core banking tech
Microcred on major expansion spree; Temenos to provide tech
International microfinance entity Microcred plans to become a fully-fledged retail bank and grow its presence from nine to 17 countries by 2020.
It has opted to keep its long-standing technology provider, Temenos, and upgrade to a single instance of the vendor’s flagship system, T24. It will be operated from Dakar, Senegal.
Microcred has recently signed for the new licence for the system.
The vendor brands the offering as MicroBanking Suite.
Microcred originally signed for Temenos’ core system in 2006. It underpins the MFI’s operations in China, Senegal, Nigeria, Madagascar, Ivory Coast, Mali, Zimbabwe, Burkina Faso and Tunisia.
Denis Moniotte, chief innovation officer and CTO at Microcred, describes T24 as “a robust and open back-end system.” It enables the institution to innovate, scale and remain nimble, he adds.
“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,” Moniotte observes. “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.”
Microcred was founded in 2005 by Arnaud Ventura, with the support of Positive Planet and a number of institutional investors. Its HQ is in France. The company employs around 2,400 people internationally.
Want to know more about the power and the good of microfinance? Click here to read our exclusive interview with the co-founder and CEO of Finca International, Rupert Scofield. (Finca is a major user of Oracle FSS’s Flexcube core banking system, in case you were wondering.)
