Temenos (SIX: TEMN), the banking software company, today announced that Enda Tamweel (Enda) has gone live with cloud-native, cloud-agnostic Temenos Transact, the next generation core banking product. Delivering the most complete, richest functionality and advanced cloud technology, Temenos Transact provides Enda with agility, lowered total cost of ownership (TCO) and the scalability to fulfill its objective of contributing to the financial inclusion of millions of Tunisian entrepreneurs.
Enda is a leading microfinance institution in Tunisia, with 96 branches, 5 mobile branches and over 1,800 staff. Enda has grown considerably over the last 30 years, supporting close to 900,000 customers over this timeframe. Its mission is to contribute to the country’s economic development through promoting entrepreneurship and offering diversified services and lines of credit. Enda is Temenos’ ninth customer in Tunisia, demonstrating Temenos’ expertise and knowledge of the Tunisian market.
Over the years, Enda’s former open source information system has become unable to respond to the evolving needs of the institution. This has come as a result of continuously increasing portfolio and transactions numbers, which have risen even more steeply in the last 5 years. As a consequence, Enda’s legacy system was unable to handle the emergent intricacies of microfinancing or support the digital transformation recently undertaken by the business.
Enda selected Temenos Transact to provide the agility to service more customers at a lower cost, and to quickly launch new products and services. With Temenos’ pre-configured micro-finance capabilities, Enda is now also able to process large volumes of transactions efficiently and provide a better customer experience.
Mohamed Zmander, CEO, Enda Tamweel, commented:
“We are delighted with our new digital core banking system. On the day the platform went live we were able to connect more than 1,400 users and make 1,900 transactions, which really reinforces how effective the transformation has been from day one. For us, speed of response to customers is critical. It can mean the difference between someone being accepted for a loan and being able to start a small business, and limiting the numbers of people we can help. Thanks to Temenos Transact, we have been able to make a greater impact in helping people to grow and sustain their businesses and as a result, improve their living conditions and those of their families.”
Steen Jensen, Managing Director – Europe, Temenos, said:
“We are thrilled that the deployment of Temenos Transact for Enda has been such a success from day one. Our industry leading, cloud-native, cloud-agnostic technology gives Enda the power to accelerate processing and expand its reach to service more customers. Amid these unprecedented times, digital banking plays a more vital than ever before by supporting financial institutions and their customers to remain resilient now, and sustainably grow in the future. The work Enda is doing now changes lives and contributes to the wider Tunisian economy. We’re delighted that now they will be able to reach and support more entrepreneurs with an even better experience.”