Temenos T24 is being used as the platform for M-Shwari, the latest iteration of the M-Pesa mobile money offering.

Launched in 2007, M-Pesa’s basic mobile banking services have attracted more than 17 million subscribers or more than 80 per cent of the adult population in Kenya. M-Shwari, which launched this week, takes the service to the next level, opening a range of banking services including interest bearing savings accounts and micro loans to subscribers. It is a partnership between Safaricom, Vodafone, and Temenos client Commercial Bank of Africa (CBA). The T24 R12 core banking solution helps support the processing of electronic loan and bank account transactions made through the M-Pesa platform.

David Arnott, CEO, Temenos, says: “We are very proud to be involved with M-Shwari. Our involvement advances two of our most important corporate objectives: firstly, to be at the forefront of technology innovation in the financial services industry and, secondly, to advance technology as a means of lowering costs and making banking services more accessible. Today, there are five billion mobile phone subscribers compared to 2.2 billion bank account holders and so mobile banking represents a big opportunity to bank the unbanked. We are delighted to be working with CBA and others to help realise this opportunity.”

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