Sterling Bank live with new core banking system, Temenos’ T24
“Big bang” in theory
Nigeria-based Sterling Bank has gone live with a new core banking system – Temenos’ T24 – in a “big-bang” switchover.
The new platform was rolled out across the entire branch network of Sterling – 185 locations.
The platform is used to support all main retail and corporate operations of the bank. Temenos refers to the solution as UniversalSuite.
The project started in 2014. Temenos’ T24 replaced the Banks system from rival vendor ICSFS, Banking Technology understands. Sterling had been using Banks for nearly a decade.
Yemi Adeola, CEO of Sterling, says Temenos was chosen for its “impressive track record and reliable service delivery”.
Sterling Bank has been in existence for over 50 years. It has 1.4 million customers and total assets of NGN 890 billion ($2.8 billion). The bank also ventured into non-interest banking (more commonly known as Islamic Banking) a few years back and in 2013/14 implemented Path Solutions’ iMAL core system to support this business line.
