Swiss firm SOFGEN eyes Kenyan market
By Semaj Itosno, Nairobi, Kenya
A Swiss software firm, SOFGEN, has unveiled a cloud computing solution in Kenya as it eyes the country’s financial sector.
Dubbed Temenos T24, the Cloud Platform developed by US firm Microsoft Corporation, targets banks, microfinance institutions (MFIs), deposit taking microfinance institutions (DTM), and Saccos.
Cloud computing implies delivery and storage of data where information and the software used to access it is remotely hosted on external or internal servers.
The firm has already provided solutions for Commercial Bank of Africa, Kenya Commercial Bank, Kenya Women Finance Trust and K-Rep Bank.
According to Tunde Oladele, SOFGEN Africa Ltd chief executive most DTMs and MFIs cannot afford high-end core banking systems which exposes them to a lot of risk and fraud thus cloud computing will help them share the platform.
Institutions that will subscribe to the Temenos core banking system will pay based on the number of transactions carried out through the platform.