Temenos AG (SIX: TEMN), a Switzerland-based banking software provider, announced on Tuesday it has been selected by Bank of Kigali to power the bank’s digital transformation strategy. Temenos reported:
“With Temenos’ packaged and upgradeable banking software, Bank of Kigali Plc will gain business agility and dramatically lower the cost of deployment. The bank will be able to deliver innovative products and services specifically to underserved segments of the economy and key population demographics like the youth and the unbanked. Bank of Kigali Plc plans to grow the number of customers to one million by 2021.”
Temenos also reported that the bank will use its global expertise and 25 years of banking software experience as well as Temenos’ commitment to invest 20% of revenues into research and development every year, which is the highest in the industry. Dr. Diane Karusisi, CEO of Bank of Kigali Plc, stated:
“We are excited to expand our relationship with Temenos, which will form the foundation to drive our three-year digital transformation strategy. Temenos’ cloud-native and cloud-agnostic banking software will help reduce deployment costs and drive simplicity and efficiency of operations. The new open digital banking platform will enable us to gain a deeper understanding of our customers’ needs and allow us to provide the best-in-class customer experience.”
Jean-Paul Mergeai, Managing Director Middle East & Africa at Temenos, also commented:
“As the bank’s technology partner during this exciting time of digital transformation, we look forward to working hand in hand with Bank of Kigali Plc as they strive to provide the most innovative financial solutions in the region. We believe that financial institutions can only become truly digital when they transform their end-to-end operations, and we are the best provider to help them realize their digital vision.”
Mergeai went on to add:
“With Temenos’ most complete packaged functionality and advanced cloud technology, Bank of Kigali Plc will be in an ideal position to drastically reduce time to market and cost. At the same time the bank will be able to expand its digital customer base and promote financial inclusion both in Rwanda and throughout the region.”