Temenos (SIX: TEMN), a Switzerland-based banking software company, announced on Thursday Cameroon-based financial services group Afriland First Bank has chosen Temenos T24 Core Banking platform to power its digital transformation journey. According to Temenos, the bank has opted for a complete IT renovation using Temenos T24 Core Banking as well as a host of additional solutions including Temenos’ Front Office Suite, Analytics & Reporting, Payments Hub and Islamic banking capabilities.
Afriland First Bank reportedly chose Temenos to replace its IT legacy systems after a competitive evaluation. Temenos noted that by implementing the banking software, Afriland First Bank will be able to introduce new products and services more quickly, support its growth ambitions and continue to pursue its vision to become the most innovative African bank. It was also reported that the bank will be able to offer market-leading services to its customers through enhanced digital channels.
Temenos then explained its banking products will enable Afriland First Bank to provide for the specific regulatory requirements in the UEMOA zone (Mali, Burkina Faso, Senegal, Guinea Bissau, Côte d’Ivoire, Benin, Togo, and Niger) and the six countries of the CEMAC (Cameroon, Gabon, Congo, Equatorial Guinea, CAR and Chad. The bank counts about 40 branches across the 10 regions of Cameroon and has operations in Equatorial Guinea, São Tomé and Príncipe, the Democratic Republic of the Congo, Liberia, South Sudan, Zambia, Guinea. Speaking about the partnership with Temenos, Jean Paulin Fonkoua Kake, President, Afriland First Bank, stated:
“We selected Temenos as our strategic technology partner because of their deep local expertise combined with the global experience in supporting digital transformation projects. Temenos’ digital banking platform will allow us to be at the forefront of innovation and offer world-class services to our clients.”
Jean-Paul Mergeai, Managing Director Middle East & Africa at Temenos, added:
“We are proud to welcome Afriland First Bank on board as our latest signing in Cameroon. We are committed to working hand-in-hand as their strategic technology partner to help them achieve their goal of becoming a great innovative African bank. This partnership highlights our commitment to the entire Francophone Africa where we see the financial services landscape changing rapidly, with domestic players challenging traditional French banks and telcos entering the space.”