Sofgen, a global leader in IT solutions, has launched a sharing model cloud platform software in Kenya branded Temenos T24.
Local financial companies in the country are set to share information through the platform.
During last week’s Sofgen executive meeting with banks and financial institutions in Nairobi Kenya, the company’s Africa chief executive officer Tunde Oladele said the new initiative aims to provide local small and medium (SME) banks and other microfinance organizations a safer core banking system through pay-per-use model.
He further noted that micro financial institutions in the country fail to invest in IT systems because of high costs and lack of superior IT systems and infrastructure in the banking industry has led to increase in the number of fraud cases.
“Temenos T24 cloud-based software has the solution, its cost effectively on a subscription and charges are made depending on the number of accounts and clients,” Oladele explained.
The gadget is cheaper to maintain with no operational expenditure and annual license fees and with yearly subscription fee charged, Sofgen reports.
Deloitte East Africa released a research on online crime dating from January 2011 to June 2012 that showed East African banks lost KSh4.05 billion (US$ 48.3 million) through insider collusion.
Sofgen Group chairman Alexandar Dembitz said that poor banking systems provides loopholes for fraud and money laundering .
Temenos T24 microfinance institution banking software solution will offer customer with a pre-configured model bank based on microfinance and community banking best practices, says Oladele.
It contains all necessary control for efficiency, productivity and low business for maximum benefits.
Sofgen has already provided solutions for Kenya Women Finance Trust, Commercial Bank of Africa, Kenya Commercial Bank, and K-Rep Bank.
Cloud computing facilitate delivery and storage of data. Information and the software used to access is hosted on external or internal servers.
Sofgen is an international firm that was established in 1999 to offer IT solutions to financial institutions enabling maximised security and effective communication.
Currently, it has offices in Switzerland, United Kingdom, United States, India and Singapore and Kenya.