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T24 News

Temenos has gained a new client for T24 in the microfinance sector, Enjaz Capital Islamic Microfinance Bank (ECIMB). The bank will implement the R14 version of Temenos' T24 core banking system and the mobile banking solution, Temenos Connect. 

ECIMB is a Pakistan-based greenfield bank backed by Middle Eastern investors. Temenos' local partner, NDC, will carry out the implementation. 

Temenos has already made inroads into Pakistan's microfinance sector, with Waseela Microfinance Bank taking T24 in 2011. This bank was also a start-up at the time (set up by a local telecoms company) and opened its doors in May 2012. The implementation was also carried out by NDC.

It is understood that ECIMB's investors are pondering setting up similar banking operations across a number of countries in Asia. It is not clear, however, whether Temenos' T24 will be a standard system of choice or whether decisions will be taken on a case-by-case basis.