April 29, 2012
Letshego Holdings selects TCS BaNCS core banking platform to expand its financial services footprint in Africa
Integrated solution to process loans and deposits in seven countries
Mumbai: Tata Consultancy Services (TCS), (BSE: 532540, NSE: TCS), a leading IT services, consulting and business solutions organisation, announced that Letshego Holdings (LHL), a leading consumer lending company based in Botswana, has selected the TCS BaNCS suite as the core banking system for its greenfield venture into retail banking in Africa. The integrated core banking solution will process loans and deposits across seven countries in Africa — Botswana, Swaziland, Tanzania, Uganda, Zambia, Namibia and Mozambique.
The vision of LHL is to transform itself from a pan-African financier into a retail banking firm by expanding its financial services footprint. With the modularised and scalable TCS BaNCS solution, the bank will be able to easily configure the solution for its specific lending needs, while also fostering innovation in the form of a range of retail banking solutions from the same platform. This multi-entity, multi-lingual and multi-currency solution will integrate all operational processes in the bank in real-time, and manage increased transaction volumes, while its flexible configuration features will cater to the needs of a multi-country deployment. With this modern banking platform, LHL will derive a world-class, high-performance solution, enabling low total cost of ownership. It will also provide for lean and efficient operations across Africa and consolidate disparate systems onto a single platform.
Shawn Bruwer, CIO, LHL, said, “The TCS BaNCS solution will help realise our 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’s implementation expertise, we are confident that we have a win-win solution for our customers.”
N Ganapathy Subramaniam, president, TCS Financial Solutions, commenting on the new win, said, “TCS BaNCS is no stranger to Africa, with many leading financial services organisations running on our universal financial services platform. With LHL selecting us as their core banking solution partner for a multi-country rollout outside South Africa, our solution will help them move beyond the realm of a consumer lending business to a serious retail banking player in the market.”