Albaraka Announces Successful Implementation of Finacle Banking Solutions

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 achieving 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.”