Temenos has announced that Banco Terra has gone live with its T24 Model Bank to support its new operations in Mozambique. This will support all Banco Terra’s retail and commercial banking operations in the region.
Banco Terra is a new financial institution owned by Rabobank (Netherlands), KfW (Germany), Norfund (Norway) and Gapi (Mozambique), and was registered as a commercial bank in 2007. After receiving a license to operate in Mozambique, the bank deployed T24 in eight months to open its first branch in the region.
This project forms part of an overall investment of over US$20m to establish banking operations in Mozambique, including 20 branches strategically located in rural areas throughout the country to provide retail banking services to the agricultural and SME sectors. T24 will be used across all of Banco Terra’s branches in Mozambique, which will be opened between 2008 and 2010.
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