Moroccan microfinance to use Infosys banking solution

Morocco's leading microfinance institution Fondep has selected Finacle, a software product of Infosys, for its strategic banking transformation programme, the Indian IT bellwether said Monday.

"Our banking solution will help Fondep adapt to changing customer needs by enabling it to offer relevant products to its customer base," the global software major said in a statement here.

The solution will also enable Fondep to expand beyond micro-credit to distribute its range of micro-insurance products to its clients in urban and rural areas.

"The software solution will be deployed in French, underlining Finacle's readiness for the French-speaking North African banking sector," Infosys regional head for advanced markets and global accounts Amit Dua said.

The deployment of the solution will be supported by specialist teams located across the Infosys global network, including those based at the company's development centre in French-speaking Mauritius.

"As our mission is to contribute to financial inclusion and fight against poverty in Morocco, we are confident the core banking solution (Finacle) of Infosys will enable us to achieve our objective," Fondep chairman Mouatassim Belghazi said on the occasion.

The 18-year-old microfinance entity has about 130,000 clients and loans outstanding of Moroccan Dirham (MAD) 850 million, accounting for 20 percent of the country's microcredit.

"As African banks need a platform to offer a wider range of services for supporting the region's economic growth, Finacle gives us an opportunity to partner with them in the French-speaking market, which will act as a springboard to extend our presence in the continent," Dua added.