SAB lands new core banking tech deal in West Africa
The Confédération des Institutions Financières d’Afrique de l’Ouest (CIF), a microfinance group in Sub-Saharan Africa, has signed for a new core banking system, SAB AT, from French banking tech vendor SAB.
CIF consists of six microfinance institutions (MFIs) located in various West African countries – Burkina Faso, Senegal, Togo, Benin and Mali. The organisation is one of the largest MFI networks in the West African Economic and Monetary Union, with more than four million clients.
SAB says the deal confirms its “ambitions to become one of the leading vendors of banking software on the African continent and to address the growing sector of microfinance”.
The project will involve creating a common solution for the six members of CIF based on the SAB AT core processing system as well as auxiliary products of its partners, Digitech, Mapping and Arabsoft.
The new platform will be rolled out successively across the CIF network within an “ambitious three-year schedule”, SAB says.
