Microfinance firm Barko is entering South Africa’s retail banking market with a new digital bank built on Temenos Transact and powered by The Temenos Banking Cloud.
Barko has applied for a Mutual Banking License to operate as a full service digital bank. Leveraging Temenos’ full front-to-back services, the company aims to offer banking products that are easy to consume, configure and integrate with external applications.
These capabilities will enable Barko to assist underserved and unbanked South Africans with longer-term and lower-cost loans, competitive affordable banking products, and easy to use services with a seamless experience across its digital and branch channels.
Barko already uses Temenos Infinity to deliver a seamless omnichannel lending experience with fast access to microfinance via a digital lending app and a network of more than 200 branches.
Kobus de Wet, CEO at Barko, said: “We want to build a digital bank for the millions of South Africans that are unbanked or underserved by the traditional banks…With Temenos modern cloud banking platform we can bring new products to market faster and at a significantly lower cost compared to banks on traditional core banking system.”