Khushhali Microfinance Bank, the largest microfinance bank in Pakistan, today announced that they have signed an agreement to acquire the leading Core Banking System by Temenos (the software specialist for banking and finance). The system will be implemented by National Data Consultant (NDC) a specialized Fintech solution provider and Temenos Certified Partner in the MEA region.
With Khushhalibank’s selection of Temenos Core Banking system along with Pakistan Model Bank for its Retail and MSME services the bank will also implement Temenos connect, FCM, Insight and Risk as their new digital solution.
A.F.F. Ferguson & Co. has provided consultancy services for Khushhalibank’s core banking application system (CBAS) in its selection and implementation phase.
KHUSHHALI will be the 11th Bank to acquire Temenos Core Banking system in Pakistan. On the occasion, President Khushhali Microfinance Bank said, “Our ambition to reach out to the financially excluded with quality products & services will be facilitated by the investment in a strong technology foundation. We look forward to working with Temenos & NDC on this transformational journey”.
Mr Jean-Paul Mergeai Managing Director, Temenos Middle East & Africa Temenos said, “Temenos is extremely honoured to have been selected by Khushhali Microfinance Bank as their Technology partner to enable Khushhali’s Operations on strategic Business initiatives for the transformation of their core banking system. As our 11th signing in Pakistan, Khushhali Microfinance Bank is an important milestone in the continuous development and Commitment of our business and the delivery of value to the Pakistani banking industry”.
Ms Ammara Masood; President and CEO of NDC said “we look forward to further deepening the relationship as a strategic collaborator and implementer during the transformation program at Khushhali. Microfinance Bank. It is an integral part of our economy and this digital transformation process which is intrinsically linked to the banks’ strategy for financial inclusion will help further assist in expediting growth for the bank”