BNCTL and Software Group Launch Innovative Agent Banking Solution to Expand Financial Services in Timor-Leste

[Dili, Timor-Leste, June 21, 2024] – The National Commercial Bank of Timor-Leste (BNCTL), in partnership with Software Group, a global leader in financial technology, announced today the launch of their new agent banking service. This initiative marks a significant milestone in BNCTL's digital transformation journey, aimed at enhancing accessibility to banking services in remote areas of Timor-Leste.

The agent banking solution, powered by Software Group's agency platform, has been developed to meet the needs of customers facing challenges accessing traditional bank branches. Through a network of local agents, BNCTL now offers essential services such as deposits, withdrawals, and fund transfers directly in local communities, promoting financial inclusion and increasing convenience for its customers.

“We are excited to introduce agent banking as part of our commitment to financial inclusion in Timor-Leste," stated António Vitor, Chairman of BNCTL. "This initiative reinforces our dedication to leveraging technology to bring banking services closer to our customers, especially in remote areas where access to traditional branches is limited."

The strategic collaboration between BNCTL and Software Group has also resulted in successful implementation of other digital solutions including an upgraded payment system, card management platforms, internet banking and mobile banking.

"We are proud to support BNCTL in their digital transformation journey and applaud their vision for expanding access to financial services across Timor Leste," said Kalin Radev, CEO of Software Group. "Our agency banking platform is designed to empower banks to extend their reach to underserved communities, and we are excited to see the positive impact it will have on BNCTL's customers."

About BNCTL 

Established in 2011, is wholly owned by the State of Timor-Leste, holding 73% of bank's clients market share. With the goal to be the leading commercial bank of Timor-Leste and for Timorese people worldwide, BNCTL now has 27 agencies located in 13 municipalities of Timor-Leste & 6 Agent Banking in 3 Municipalities 64 ATMs, more than 211 POS and 13 mobile banking vans enabling BNCTL to bring banking services to people living in mostly rural and remote areas. BNCTL has been continuously progressing towards a fully operating commercial bank as a full-fledged financial institution by catering its services to all categories of customers, including small businesses, individuals, and microfinance customers. It has embarked on its ambitious digital transformation agenda and is fully committed to consistently improve and grow itself, turning the bank into a bank of choice for all, by, providing affordable, convenient banking services.

About Software Group

Software Group is a global technology company specialized in digitalization and integration solutions for financial service providers. It currently serves a worldwide client base in more than 70 countries from 9 regional offices located in Australia, Bulgaria, Egypt, Ghana, India, Kenya, Mexico, the Philippines, and the USA. Among the customers of Software Group are organizations like Bill and Melinda Gates Foundation, Mastercard and Mastercard Foundation, International Finance Corporation (IFC), Asia Development Bank, Asia Confederation of Credit Unions (ACCU), Standard Bank, Access Bank, Bank South Pacific, Commercial International Bank Egypt, Bank de Caire, Dosh New Zealand, Allianz Bank, Eurobank, Generali, Fidelity Bank Ghana, Kenya Commercial Bank and more than 200 financial service providers from across the globe.

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