The model supports retail and commercial banking operations
Switzerland-based Temenos has announced that commercial bank Banco Terra has gone live with Temenos T24 Model Bank to support its new operations in Mozambique.
It is expected that after receiving a license to operate in Mozambique, the bank deployed T24 in eight months to open its first branch in the region. Banco Terra is able to deliver a range of financial services to the unbanked population of Mozambique, including loans and savings accounts and payment services, said Temenos.
Temenos added that its Model Bank implementation methodology enabled the bank to reduce implementation time and costs, minimizing the need for customisation, as well as lowering the project risk.
Maarten Susan, CEO of Banco Terra, said: Our objective is to be Mozambique’s leading provider of retail banking products and services to the rural areas. We chose to partner with Temenos based on its proven experience in the banking sector and its core banking technology expertise. Rural banking services still need to be developed in Mozambique and with Temenos’ T24 Model Bank, we now have the capability to offer a full range of products for lending, deposits and transfers to the region.
Andreas Andreades, CEO of Temenos, said: We are delighted to be able to contribute to the development of banking services in rural Africa through this project. Our expertise in community banking is now extensive and proven by more than 60 clients using our software in this sector and over 600 across multiple banking sectors worldwide. Our model bank package and methodology, a result of significant R&D investment, allows us to work with banks of all sizes, while always delivering real business benefits and high return on investment.