Albaraka, one of Morocco’s leading microfinance institutions and Infosys Finacle announces the Go live of Finacle banking solutions
London/ Rabat– DATE, 2015: Infosys Finacle, part of EdgeVerve Systems, a product subsidiary of Infosys (NYSE: INFY), today announces that Albaraka, one of Morocco’s leading microfinance institutions formerly known as Fondep, has gone live with Finacle core banking, Customer Relationship Management (CRM) and Wealth Management Systems.
Albaraka, replaced its existing core banking system so that it could accelerate its strategy of developing beyond micro-credit activities into retail banking. Finacle was selected due to it’s advanced functionality, flexibility and local language capabilities. Product specialists from the Finacle Mauritius development center were central to the successful deployment, and importantly in understanding the requirements for French speaking North Africa.
The implementation was completed in 15 months with the system ready for the French speaking territories of financial services sector in Africa.
Albaraka is the third largest micro-credit institution in Morocco, with a rapidly expanding network of 208 branches throughout Morocco. It has seen strong growth in the micro-credit industry and will use the new core banking platform to facilitate its expansion into retail banking and insurance products distribution. Additionally, the bank looks to offer a 360° view of customer assets through CRM and core banking modules.
Michael REH, Executive Vice President and CEO of INFOSYS, said: “The Finacle suite of products will enable to bank to serve its rapidly growing customer base with an industry leading core banking solution at the same time as growing the micro finance sector in Morocco. The new technology platforms enable Al Baraka to extend its service offering and geographical scope as it looks to bring banking services to more and more people”.
Mouatassim BELGHAZI CEO of Albaraka, commented: Since its creation in 1986, the Institution has always considered with high attention its banking software systems. As such, we have permanently invested for allowing its improvement and assuring its sustainability. Today, Finacle will allow us to reach our objectives of operational efficiency and achieve our mission, fundamentally socially oriented, with the purpose of contributing to social & economic inclusion as well as the financial inclusion of micro entrepreneurs who are excluded of usual financing routes. “
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About Infosys Finacle
Finacle is the industry-leading universal banking solution from EdgeVerve Systems, a wholly owned subsidiary of Infosys. The solution helps financial institutions develop deeper connections with stakeholders, power continuous innovation and accelerate growth in the digital world. Today, Finacle is the choice of banks across 84 countries and serves over 547 million customers – nearly 16.5 percent of the world’s adult banked population.
Finacle solutions address the core banking, e-banking, mobile banking, CRM, payments, treasury, origination, liquidity management, Islamic banking, wealth management, and analytics needs of financial institutions worldwide. Assessment of the top 1000 world banks reveals that banks powered by Finacle enjoy 50 percent higher returns on assets, 30 percent higher returns on capital, and 8.1 percent points lesser costs to income than others.
About EdgeVerve Systems
EdgeVerve Systems, a product of Infosys (NYSE: INFY), develops innovative software products and offers them on-premise or as cloud-hosted business platforms. Our products help businesses develop deeper connections with stakeholders, power continuous innovation and accelerate growth in the digital world. We power our clients’ growth in rapidly evolving areas like banking, digital marketing, interactive commerce, distributive trade, credit servicing, customer service and enterprise buying.
Today, EdgeVerve products are used by global corporations across financial services, insurance, retail and CPG, life sciences, manufacturing, and telecom. Infosys Finacle, our universal banking solution, is the choice of financial institutions across 84 countries and serves over 547 million customers – nearly 16.5 percent of the world’s adult banked population.
Albaraka, one of Morocco’s leading microfinance institutions, with a network of 208 branches, and has over 1,300 employees. The institution serves a portfolio of nearly 151,000 customers, with an outstanding portfolio loans of over 1.260 billion dirhams.
In 2015, “Microfinanza Rating”, an international rating agency specialized in microfinance, reported the excellent operating and financial performance of Albaraka by maintaining the rating of “A” and upgraded the social rating of Albaraka to an “A” which is characterized by a good management system of social performance and customer protection.
For more information please visit www.albaraka.ma
For further information, please contact:
+91 80 4156 3998
Paul de Lara
+1 (650) 320 4126