Fountain Credit Services, a new microfinance institution in Kenya, has launched on Temenos T24. In doing so, it has become the first institution in Kenya to adopt cloud-based banking services. By running in the cloud, Fountain says that it has significantly reduced its initial capital outlay as well as its ongoing operating costs, through the ‘pay-per-use’ model. In addition, the cloud will support its plans for rapid expansion, as new users and branches can be added seamlessly onto T24, which is running on the Microsoft Windows Azure platform.

Commenting on the launch of the microfinance software, Arch. John Kithaka, CEO, FEP Group (Fountain Enterprises Programme) says: “We chose the cloud solution from Temenos as they offer a complete managed service and incremental upgrades that meet our demands. Our vision for launching Fountain Credit Services was to deliver the best possible services and products to our customers – Temenos T24 Microfinance and Community Banking (MCB) enables us to do exactly that. T24 MCB is a secure and robust system that will enable us to tackle fraud effectively. Procuring T24 from the cloud brings with it huge economic benefits and provides Fountain with the scalability and flexibility to grow with our customers’ demands.”

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