Letshego Holdings Limited 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, April 29, 2012: Tata Consultancy Services (TCS), (BSE: 532540, NSE: TCS), a leading IT services, consulting and business solutions organization, announced that Letshego Holdings Limited (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 modularized 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 (TCO). It will also provide for lean and efficient operations across Africa and consolidate disparate systems onto a single platform.
Shawn Bruwer, CIO, Letshego Holdings Ltd., said, “The TCS BaNCS solution will help realize 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’ 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 organizations running on our universal financial services platform. With Letshego 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.”
Formed in 1998, Letshego is incorporated in the Republic of Botswana, is listed on the Botswana Stock Exchange and is a Botswana International Financial Services Centre accredited company. Letshego is a consumer financial services provider operating in sub-Saharan Africa. Its main business is to extend short to medium term personal, unsecured loans to formally employed individuals. Letshego’s customers are employees of the government, parastatals and the private sector. Loan repayments are deducted at source through the payroll system of participating employers. Under this methodology Letshego is granted a salary deduction code that allows it to deduct repayments due on loans directly from an employee’s salary. Based on the same payroll deduction business model, a pan-African expansion plan was adopted to ensure continued growth and geographic diversification outside of Botswana. It expanded its operations into Namibia, Swaziland, Tanzania, Uganda and Zambia. Trading in Mozambique commenced during February 2011.
About TCS Financial Solutions
TCS Financial Solutions is a strategic business unit of Tata Consultancy Services. Dedicated to providing business application solutions to financial institutions globally, TCS Financial Solutions has compiled a comprehensive product portfolio under the brand name of TCS BaNCS. Our mission is to provide best–of-breed solutions that drive growth, reduce costs, mitigate risk and offer a faster speed-to-market for our clients. With a global customer base of more than 270 institutions operating in over 80 countries, TCS Financial Solutions deliver state-of-the-art software solutions for the banking, insurance and capital markets industries worldwide. For more information, visit us at www.tcs.com/bancs.
About Tata Consultancy Services Ltd. (TCS)
Tata Consultancy Services is an IT services, consulting and business solutions organization that delivers real results to global business, ensuring a level of certainty no other firm can match. TCS offers a consulting-led, integrated portfolio of IT, BPS, infrastructure, engineering and assurance services. This is delivered through its unique Global Network Delivery Model™,recognized as the benchmark of excellence in software development. A part of the Tata group, India’s largest industrial conglomerate, TCS has over 285,000 of the world’s best-trained consultants in 46 countries. The company generated consolidated revenues of US $11.6 billion for year ended March 31, 2013 and is listed on the National Stock Exchange and Bombay Stock Exchange in India. For more information, visit us at www.tcs.com.
TCS Financial Solutions Media Contacts
Phone: +1 954 423 3560
Americas, Europe and UK
Phone: +1 732 331 3084
APAC, India, Middle East and Africa
Phone: +91 80 6725 6963
TCS Media Contacts
Phone: +91 22 6778 9999