Telenor Microfinance Bank selects Temenos T24 as new core banking system
Pakistan-based Telenor Microfinance Bank (TMB) is upgrading its core banking system to Temenos T24 Transact.
TMB, a subsidiary of international mobile operator Telenor Group, claims to be the largest microfinance institution in Pakistan.
It had been known as Tameer Microfinance Bank until the 2017 takeover by Telenor.
The firm is 45% owned by Chinese fintech giant Ant Financial, which purchased its stake for a $184.5 million investment back in March 2018.
TMB will be deploying Temenos’ core system via implementation partner and consultancy NDC.
“Telenor Microfinance Bank has always remained true to its vision of being a market leader through innovation,” says Mohammed Mudassar Aqil, the bank’s president and CEO.
“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.”
Pakistan is a “key growth market” for Temenos, notes Jean-Paul Mergeai, MD of Temenos Middle East and Africa, and TMB marks its 15th customer in the country.