Karachi: Khushhali Microfinance Bank Limited, the largest microfinance bank in Pakistan, announced that they have gone live with the world’s leading Core Banking System along with Financial Crime mitigation (FCM) and Analytics offered by Temenos, the software specialist for banking and finance.
The system is implemented by National Data Consultant (NdcTech), a specialized Fintech solution provider and award winning partner of Temenos.
With Khushhalibank’s implementation of Temenos Core Banking system with Pakistan Model Bank (a ready to use package encompassing regulatory and industry best practices), FCM, Analytics and new digital front end, bank will be able to achieve its strategic growth plans.
Temenos CBS has converged five banking systems into T24 Core through big bang approach with 186 branches and service centers, servicing to 2.1 million customers.
Khushhali bank is the 11th Bank to have completed the transformation with Temenos and NdcTech in Pakistan. It is one of the model implementations in multi-vendor universe. This success story proves that when teams with diverse expertise and domains collaborate, they can produce extra ordinary results.
President and CEO, Khushhali Microfinance Bank, Ghalib Nishtar appreciated the exemplary collaboration of Khushhali bank, NdcTech & Temenos and stated, “From bank’s perspective, it’s a major milestone as the new system will improve customer experience, increase operational efficiency and reduce risks. We are very excited with the capabilities the system provides.”
“I would like to congratulate all team members for their efforts towards successful completion of this project”, he further added.
President & CEO NdcTech, Ms. Ammara Masood stated, “Banks who want to thrive in a fast and evolving landscape need mission-critical solutions and reliable local partners to succeed. Our partnership with Temenos and Khushhali Microfinance Bank has enabled us to achieve this success. We want to continue expanding our proven track record and support other banks with their digital transformation and business scope as well”.
Khushhali bank came into existence as a first microfinance bank in the country with the promulgation of the Khushhali Bank Ordinance by the Government of Pakistan as part of its national Poverty Reduction Strategy and Microfinance Sector Development Program in the year 2000. The Bank’s initial capital was sponsored by the fifteen commercial banks with major shareholding by NBP, HBL, MCB and UBL. The bank has SBP license to operate nationwide with its corporate office located in Islamabad.
NdcTech is an award winning partner of Temenos (the worlds #1 Banking Software) providing unmatched services and innovations to financial institutes and banks. The company delivers transformational services including Consulting on best practices, Implementation, Upgrade, Support and Training of Temenos and other Partner solutions. NdcTech collaborates with customers in Pakistan & MEA to enhance their digital capabilities and solves their toughest challenges by driving innovations to create new products and business models. Their expertise and experience is in the areas of Conventional Banking, Islamic Banking, Central Banking, Microfinance Banking, Investment Banking and Non-Banking Financial Institutes.