Barko Financial Services (BFS), a microfinance institution in South Africa, has gone live on Temenos software-as-a-service to make it faster and easier for South Africans to access finance remotely during COVID-19
The Temenos solution combines Temenos Infinity digital banking platform and Temenos Transact next-generation core banking. BFS can now originate loans for customers via mobile, without them ever having to visit the branch.
Pre-pandemic, BFS issued around 1.5 million loans a year through its network of more than 190 branches to support everyday South Africans coping with financial hardship, often those on low incomes. With lockdown restrictions due to COVID-19, BFS needed a new way to help its customers access the finance they need.
Using Temenos Infinity, BFS was able to reimagine the customer experience, designing and building a new lending service within 12 weeks, completing all customer trials and tests, and launching a final product just three months later. BFS processes more than 125,000 loans per month and with Temenos, its customers can now apply securely via their mobile and receive loan funding almost instantly.
With its digital banking platform delivered by Temenos as a service, BFS can focus on its core business and devote capital and resources to better banking solutions. BFS is in process applying for a banking license and has ambitions to go beyond microfinance with a range of banking services aimed at the underserved and unbanked.
Kobus de Wet, CEO, Barko Financial Services, said that the Temenos Infinity enables Barko to offer a personalised and digital lending service that gives its customers instant access to the funds they need when they need them without visiting a branch.
Jean-Paul Mergeai, president – APAC and MEA, Temenos, commented, “Temenos will help BFS elevate customers' experience and grow its business sustainably. Temenos is the world number one banking software company. With a strong presence in South Africa, we have been able to ensure a smooth implementation as well as provide valued expertise to support BFS in their journey to expand their banking proposition.”
