Infosys Finacle, part of EdgeVerve Systems, a product subsidiary of Infosys, today announced that Albaraka, one of Morocco’s leading microfinance institutions (formerly known as FONDEP), has successfully implemented Finacle Core Banking, Customer Relationship Management (CRM), and Wealth Management solutions.
Albaraka replaced its existing core banking system with the Infosys Finacle solution to accelerate its plans to expand into retail banking and insurance products distribution. Infosys Finacle was selected for its advanced functionality, flexibility and local language capabilities. Product specialists from the Infosys Finacle Mauritius team played a pivotal role in the deployment, using their understanding of the requirements for developing a system for French-speaking territories of the financial services sector in North Africa.
Albaraka is the third largest micro-credit institution in Morocco, and has a rapidly expanding network of 208 branches throughout the country. The bank, which has been growing in the micro-credit industry, will use the new core banking platform to offer a 360°-view of customer assets through the CRM and the core banking modules.
Mouatassim Belghazi, CEO, Albaraka said,"Since its creation in 1986, the institution has always considered its banking software systems with high attention. As such, we have permanently invested for allowing its improvement and assuring its sustainability. With Infosys Finacle, we are confident about reaching our objectives of operational efficiency and achieve our mission of contributing to social economic inclusion, as well as the financial inclusion of micro entrepreneurs who are excluded from usual financing routes."
Michael Reh, Executive Vice President and CEO (designate), EdgeVerve said,"The Finacle suite of products will enable Albaraka to serve its rapidly growing customer base with an industry-leading core banking solution, as well as in growing the micro finance sector in Morocco. The new technology platforms will enable the bank to extend its service offering and geographical scope as it seeks to bring banking services to more and more people."
About Infosys Finacle
Finacle (finacle.com) 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 Ltd
EdgeVerve Systems (edgeverve.com), a wholly owned subsidiary of Infosys, 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. 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 (albaraka.ma), 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.
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Sarah Gideon - Infosys, India
P: +91 80 41563998 - E: Sarah_Gideon[.]infosys.com.
Pilar Elvira Wolfsteller - Infosys, USA
P: +1 510-944-4596 - E: Pilar.Wolfsteller[.]infosys.com.