Federacion Nacional de Cooperativas de Ahorro y Credito (FENACOAC), a cooperative network in Guatemala, has selected Temenos core banking platform for its 25 cooperatives that operate under the MICOOPE brand.
The new core system will replace the legacy system of MICOOPE, which oversees 4.5 million accounts.
The initiative’s first phase will focus on mobile and online banking, which forms part of MICOOPE’s plan to expand presence beyond their 263 branch network.
The deployment of the platform will be done across the 25 cooperatives in a “multi-company environment”, which according to the vendor will prove beneficial for future member cooperatives.
FENACOAC CEO Oswaldo Oliva Vidal said: “As we continued our discussions with Temenos, they demonstrated superior functionality that will enable us to easily and quickly configure and launch new products across our 25 member cooperatives, and industry leadership in the microfinance space.
“With this platform, we will also be able to reach even the most rural of our account holders, bringing much needed financial services to an important segment of our community.”