South African mobile telecoms company, MTN, has introduced new banking software called MTN XaaS, for up-and-coming banks in Nigeria.

Officials from MTN say this new service platform is part of efforts to improve the operations of microfinance banking in that country.

According to MTN the new software platform could save microfinance banks up to 70% of the traditional costs involved in procuring, hosting and implementing typical banking software.

The software is developed in partnership with Computer Warehouse Group (CWG), and will be managed by MTN Business, the business-to-business division of MTN Nigeria, under the MTN Cloud Services platform.

The company also explained that MTN XaaS Micro-banking software has been designed to enable micro-finance banks (MFBs) carry out banking operations without having to pay much in licensing, storage and implementation costs required for typical banking applications.

Babatunde Osho, chief enterprise solutions officer, MTN Nigeria, said MTN XaaS Micro-banking software was one of a number of cloud services MTN Business will launching in Nigeria.

“Technology trends have made it possible for us to deliver robust cloud services direct to our customers via public or private connections without their need for storage, licensing and infrastructural concerns,” he explained.