Botswana based Letshego Holdings Limited (LHL) has selected the TCS BaNCS suite as the core banking system for its greenfield venture into retail banking in Africa.
The core banking solution will leverage the bank to process loans and deposits across seven countries in Africa namely, Botswana, Swaziland, Tanzania, Uganda, Zambia, Namibia and Mozambique, claims Letshego Holdings.
Letshego Holdings Ltd CIO Shawn Bruwer said the TCS BaNCS solution will help realize their vision of increasing our footprint in the African market, which will include retail banking, while it will also enhance our time to market for new products, thereby acting as a catalyst for innovation.
"With an award-winning banking solution acclaimed for its advanced breadth and depth in functionality and complemented by TCS' implementation expertise, we are confident that we have a win-win solution for our customers," Bruwer said.
According to the firm, the multi-entity, multi-lingual and multi-currency offering can easily combine all operational processes in the bank in real time and manage increased transaction volumes, while its flexible configuration is suitable for multi-country deployment, said the firm.
The solution is fully customized can be configured as per the requirements, providing flexibility to introduce a wide array of retail banking solutions from the same platform.
Letshego, a consumer financial services firm in sub-Saharan Africa offers short to medium term personal, unsecured loans to formally employed individuals.