Black economic empowerment banking and IT solutions provider Izazi has rolled out a new banking system to 180 Teba bank branches and agencies in SA, Botwana, Mozambique, and Lesotho.
Izazi says the implementation was particularly complex because many of the bank`s branches are in rural areas where infrastructure is unreliable, requiring the use of sophisticated radio frequency networks.
Jenny Hoffmann, Teba Bank MD, says the new banking system is aimed at broadening the bank`s financial services offerings by allowing it to take new products to market speedily and automate key business processes. "It will also help the bank achieve its objective of becoming recognised as an institution that offers tailored products to previously under-banked account-holders."
Hoffmann says the banking system comprises the proven FlexCube banking system from India-based iFlex and a custom-built front-end application. "Izazi`s strengths lie in its understanding of the trends in the emerging banking markets and its ability to provide true end-to-end technology solutions."
Brendon Smith, Izazi project manager, says the origination system handles Teba Bank`s loan applications, credit profiling, pay-file processing and third-party deductions. This also includes the management of 400 000 monthly deductions from Teba Bank account-holders.
Izazi MD Kogan Pillay says the company`s business-driven approach to implementing banking solutions has ensured the firm`s success in becoming the technology partner to a number of prominent financial services institutions operating in the public and private sectors in southern Africa.
"We are now in a position where we consult to approximately 70% of the local banking industry," he says.
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