Sofia, 19 June 2020: MyBucks Banking Corporation, a leading challenger bank in Sub-Saharan Africa and the fastest growing bank in Mozambique, has completed a project in partnership with SG NewTech that will enable its customers to authenticate banking transactions using biometric technology.
MyBucks has implemented “one touch” identification as part of the requirement for completing in- branch transactions. Previously, customer identification was done using two different systems, which prolonged teller turnaround time and introduced control risks. With this new technology integrated by SG NewTech to the bank’s core system, the customer identification and branch transaction processing have become one seamless process. This allows MyBucks to cost-effectively decrease time at the teller during branch operations and meet regulatory compliance guidelines for multi-factor authentication.
George Nheweyembwa, MBC Mozambique’ CEO commented: “With the rise in identity theft we see today, financial institutions are increasingly turning to technology for solutions. Integrating our biometric and core banking solutions was the natural first step in our overall strategy to strike the balance between convenience and security. We are delighted that we found a reliable and experienced partner in SG NewTech for this integration.”
“There was a threat for the project to be disrupted by COVID-19 situation. Fortunately, MBC management demonstrated high-level of flexibility to continue the project fully remote. We are very thankful to MBC for going the extra mile in making this project a success,” said Tunde Oladele, CEO of SG NewTech.
About SG NewTech
SG NewTech (www.sgnewtech.com) focuses on helping financial institutions implement and deploy the banking platform of the future. Our expertise cuts across core banking transformation projects, quality assurance/end to end software testing service, digital transformation, fraud mitigation, enterprise management and enterprise integration. We are a leading service partner of Temenos both on Core Banking as well as Financial Inclusion Accelerator. SG NewTech is a subsidiary of Software Group.
To learn more about Software Group, visit www.softwaregroup.com
About MyBucks Banking Corporation (MBC)
MBC is financial services provider, hrough embracing technology provides financial products, tools and services to underserved and financially excluded, low and middle income people. MBC is part of MyBucks, SA, a FinTech company globally recognized by breaking down the barriers of traditional Banking and pioneering true financial inclusion.
To learn more about MBC, visit www.mbc.finance