Safaricom uses Temenos banking application

T24 being used for M-Shwari platform

The T24 banking application, from banking software provider Temenos, is being used as the platform for M-Shwari, which is the latest version of the M-Pesa mobile money offering (view press release). M-Shwari is a collaboration between Safaricom, Vodafone and Commercial Bank of Africa (CBA) and some of its services include interest bearing savings accounts and micro loans to M-Pesa subscribers.  It uses the TEMENOS T24 R12 core banking solution to help support the processing of electronic loan and bank account transactions made through the M-Pesa platform. 

The aim of the new service is to allow customers greater ease of access to savings accounts and small loans through their mobile phones. Safaricom customers can sign up to the M-Shwari interest bearing savings account or apply for micro loans, provided by CBA, directly through the M-Pesa menu on their phone.

David Arnott, CEO, Temenos, said: Our involvement advances two of our most important corporate objectives: firstly, to be at the forefront of technology innovation in the financial services industry and, secondly, to advance technology as a means of lowering costs and making banking services more accessible. Today, there are 5bn mobile phone subscribers compared to 2.2bn bank account holders and so mobile banking represents a big opportunity to bank the unbanked.”

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