Peru's premier microfinance institution, Banco de la Microempresa S.A (Mibanco), has partnered with Temenos to modernize its core banking platform through a cloud-based SaaS deployment, aiming to broaden financial access for small enterprises nationwide.
Digital Transformation Initiative
As part of its comprehensive digital transformation strategy, Mibanco will implement Temenos Core and Temenos Data Hub via SaaS to reduce time-to-market, elevate customer experience, and boost operational efficiency. The platform's flexibility will enable the bank to rapidly introduce customized products for SME clients while delivering more dependable digital transactions and streamlined service delivery.
Operating under the Credicorp umbrella—which includes Peru's largest bank BCP—Mibanco serves over 1.9 million active customers and manages assets exceeding PEN 18.2 billion (approximately USD 5.4 billion). The institution focuses on micro, small, and medium-sized businesses, particularly those in underserved and informal economic sectors, providing comprehensive financial services including credit, savings, and insurance through digital channels, correspondent agents, and an extensive branch network.
Addressing Peru's Financial Inclusion Gap
The Temenos SaaS solution will provide Mibanco with an agile, scalable infrastructure to support continued expansion in Peru, where 99% of businesses fall into the micro and small categories, and approximately 7 million businesses and individuals remain unbanked. The SaaS model allows the institution to concentrate on expanding financial access and driving innovation rather than managing technological infrastructure.
Mibanco will deploy Temenos SaaS on Microsoft Azure, facilitating seamless implementation and providing consolidated visibility across the bank's cloud investments to optimize resource utilization. Temenos SaaS is accessible through the Microsoft Marketplace.
"With its industry-leading technology and proven SaaS expertise, we're pleased to choose Temenos for this major transformation project," said Alberto del Solar, Deputy CEO of Mibanco. "With Temenos SaaS running on Microsoft Azure, we'll be able to efficiently scale our responsible and profitable microfinance model, offering more agile digital products and services for small business owners and supporting sustainable economic growth in Peru."
Rodrigo Silva, President – Americas at Temenos, commented: "We're delighted that Mibanco, part of Peru's largest financial group, has selected Temenos SaaS for its core banking modernization. This reflects the strength and agility of our market-leading core banking suite, as well as our regionalized functionality and experience in the local market. We look forward to working with Mibanco as it continues to drive increased financial inclusion in Latin America."