MICROCAPITAL BRIEF: K-Rep Bank of Kenya Spends $600k on Temenos IT System to Integrate Branch Data
K-Rep Bank, a Kenyan commercial bank focused on providing services to poor people, has spent an estimated KES 50 million (USD 582,000) to upgrade to a software system from Switzerland’s Temenos called “T24 for Microfinance and Community Banking” [1]. The upgraded system integrates all K-Rep branches, whereas each branch operated as a separate entity previously. In addition, the bank will be able to offer customers improved loan statements, transaction records and mobile banking services, such as integration of customer accounts with customer mobile phones [1]. Details on the upgrade of mobile services are unavailable. According to the US-based NGO Microfinance Information Exchange, K-Rep Bank had a gross loan portfolio of USD 74.2 million, USD 95.0 million in assets, 0.68% ROA, 4.42% ROE, and 65,073 active borrowers in 2010.
