South Africa’s big four banks spend IT big
The big four retail and commercial banks in South Africa – Standard Bank, Absa/Barclays Africa, FirstRand and Nedbank – have been upping their games in information technology (IT) expenditure.
Africa
How agency banking can empower emerging markets
Extending the reach of financial services in emerging markets is an ongoing challenge and opportunity for traditional banks. Telcos have led the relatively recent development of mobile money products with great success; achieved primarily through the use of innovative technology and agents on the ground. GMSA reports that 37 mobile money markets have ten times […]
Microcred to become fully-fledged bank; Temenos to provide core banking tech
International microfinance entity Microcred plans to become a fully-fledged retail bank and grow its presence from nine to 17 countries by 2020. It has opted to keep its long-standing technology provider, Temenos, and upgrade to a single instance of the vendor’s flagship system, T24. It will be operated from Dakar, Senegal. Microcred has recently signed […]
First National Bank launches smartphones for mobile banking boost
Welcome to the bundle. South Africa’s First National Bank has launched its own-branded smartphones as it looks to mobile banking growth. The ConeXis X1 and A1 phones will be available from 380 branches around the country and come bundled with FNB’s smartphone banking app. Jan Kleynhans, CEO of the FNB Consumer Segment, says the initiative […]
Discovery in core banking system selection mode for new bank
One of South Africa’s largest health insurers, Discovery, is a step closer to selecting a core banking system for its new bank, Banking Technology understands. Discovery went public on its plans to launch a brand new full-service retail bank in South Africa last year. As part of this ambition, it acquired the majority stake in […]
Standard Chartered bringing biometrics to Asia, Africa and Middle East
Standard Chartered is rolling out a suite of fingerprint and voice biometric technologies across Asia, Africa and the Middle East. The bank says the launch reaches more than five million clients, and is the “most extensive rollout of fingerprint biometric technology by any international bank and a first in most markets”. It is on a […]
National Bank of Kuwait in Egypt goes live on Temenos treasury solution
National Bank of Kuwait (NBK) – Egypt has gone live on Temenos’ Treasury Trader. Treasury Trader was launched in 2010 and is a front to back office solution. It will integrate with the bank’s Temenos T24 core banking system. Pakistan-based National Data Consultants (NDC), a regional partner of Temenos, carried out the implementation. NBK – […]
LSE powers Casablanca Stock Exchange trading tech revamp
Casablanca Stock Exchange (CSE) has gone live with Millennium Exchange for equities and fixed income trading and Millennium Surveillance to monitor trading and “detect unusual behaviour”. The solutions will be underpinned by the Millennium Advanced Platform (MAP), and are all provided by Sri Lanka-based MillenniumIT; which was acquired by the London Stock Exchange (LSE) in […]
Absa launches digital wallet and ChatBanking for Facebook Messenger
Absa has launched a MasterCard-powered digital wallet and ChatBanking for Facebook Messenger. ChatBanking will let customers conduct banking without having to leave the social media platform; and follows on from the recent introduction of Absa ChatBanking on Twitter in May. Ashley Veasey, group CIO and chief digital officer at Barclays Africa (Absa is majority owned […]
Société Générale’s African mobile banking underway with TagPay
Société Générale has acquired a stake in TagPay, a French mobile banking firm, as it looks to develop mobile banking in Africa. Société Générale says the deal will support the development of TagPay on the market and it will roll out the service to its African subsidiaries. TagPay’s mobile-centric core banking system, also called TagPay, […]
Standard Chartered bringing video banking to Asia, Africa and Middle East
Standard Chartered Bank is bringing its video banking service to Asia, Africa and the Middle East, the “biggest roll-out of its kind by any international bank”. The bank says more than five million clients in nine markets across the continents will get access. The service is already live in Malaysia and Singapore, and will launch […]
Unibank revamps core banking with Temenos
Ghana-based Unibank has completed a major upgrade from Temenos’ T24 R8 core banking system to R15. The bank is the first in Africa to be up and running with this version of Temenos’ flagship product, Banking Technology understands. Unibank is a mid-sized universal bank in Ghana, with assets of around $430 million. The project was […]
Standard Bank launches banking app to four African markets
Standard Bank in South Africa has launched its existing banking app to four additional African markets. The app is now available in Uganda, Namibia, Ghana and Botswana; with plans to roll it out to Nigeria, Kenya, Zambia and Zimbabwe by the end of 2016. The latest development is part of its drive to “enhance its […]
ALTX East Africa unveils exchange platform
ALTX East Africa has launched its new exchange – offering the ability to handle 150,000 transactions per second. Joseph Kitamirike, CEO, director and co-founder of ALTX East Africa, says: “We also have the ability to settle securities transactions on a delivery versus payment (DvP) model within 15-20 seconds if the settlement bank we are working […]
Absa first in Africa to join R3 blockchain consortium
South African heavyweight Absa is the first bank in Africa to join New York-based R3’s blockchain consortium. Absa, a wholly owned subsidiary of Barclays Africa Group Limited, will be working with over 50 banks to design and deliver distributed ledger technologies to global financial markets. On the back of its membership, Absa will also be […]
Intrasoft International bullish on Africa banking tech business
Banking software vendor Intrasoft International has launched its African subsidiary. Kenya-based Intrasoft International East Africa will sell and implement the vendor’s flagship core banking system, Profits, as well as auxiliary solutions for AML, call centres, e-signature and fingerprint identification. It will also provide software and services to the public sector. The project has been underway […]
Puan Sacco Society issues banking tech RFP
A savings and credit co-operative society (Sacco) in Kenya, Puan Sacco Society, has issued an RFP for new banking solutions. The Sacco is looking for core banking, SMS banking and mobile lending software, and a payroll management system. Provision of point-to-point connectivity services and office internet services, plus hardware maintenance are also included in the […]
Copedu searches for new core banking system and consultant
Co-operative of Savings and Credit Duterimbere (Copedu), a non-profit finance organisation in Rwanda, is looking for a consultant to help it select and implement new core banking software. The consultant will be working with Copedu’s technology department and assist the project manager and the company’s senior executives for best practices in project management. From the project […]
Development Bank of Nigeria plans core banking software revamp
The Development Bank of Nigeria (DBN) is planning a core banking system implementation and the bidding process is open. As part of the bank’s ambition, the Federal Government of Nigeria (FGN) is inviting vendors to bid for the supply and installation of core banking software and related infrastructure. FGN has received a loan from International Bank […]
Standard Chartered unveils mobile and online banking in Africa
Standard Chartered is bringing its mobile and online banking platform to eight countries in Africa. After the roll-out to Botswana, Ghana, Kenya, Nigeria, Tanzania, Uganda, Zambia and Zimbabwe in the first half of 2016, the bank will launch fingerprint recognition technology in these markets later in the year. Karen Fawcett, Standard Chartered’s CEO for retail […]
IT overhaul at Somalia’s central bank with Sofgen, Temenos and Oracle FSS
Central Bank of Somalia is embarking on a major tech overhaul, with sponsorship from the World Bank. The bank will implement a new core banking system, Temenos’ T24, and a new ERP system from Oracle FSS. Swiss IT consultancy firm Sofgen has been recruited to deliver the project. The first phase is estimated to cost […]
Absa launches ChatBanking for Twitter
South African banking heavyweight Absa has launched ChatBanking, the “first” service in Africa offering day-to-day banking from a Twitter account. As part of the “initial offering”, ChatBanking provides “actual and available” balance on a transactional account; ability to buy airtime or data for a cellphone registered to their account; and get a mini-statement showing most […]
Nedbank step closer to new core banking system decision
Nedbank is getting closer to selecting a new core banking system, Banking Technology understands. The South African heavyweight has been in system selection mode since last year – looking to modernise its domestic banking operations. It is currently running a number of in-house and third party solutions, including CSC’s Hogan. The renovation project is estimated […]
Finca and First Access join forces for microfinance fintech
Microfinance organisation Finca and credit scoring specialist First Access have unveiled “the world’s largest microfinance fintech collaboration”. The two companies say this partnership “will create the largest and most sophisticated alternative credit-scoring approach by a microfinance institution (MFI) in the world.” It will also vastly improve Finca’s outreach to excluded populations. First Access will analyse existing […]
Stanbic IBTC Bank in core banking system upgrade
Stanbic IBTC Bank in Nigeria is upgrading its core banking system, Infosys’ Finacle. The new version of the system will go live on 16 May, 2016 – but in the run-up to this the bank will be limiting its operations over the weekend 13-15 May. Stanbic IBTC will close its branches to customers on Friday […]
Barclays Africa to trial first bank chatbot in Africa
Barclays Africa is piloting a chatbot within the coming few weeks, making it the “first bank” to do so in Africa. The chatbots will use artificial intelligence (AI) to simulate “intelligent conversation” through written or spoken text. Yasaman Hadjibashi, chief data officer at Barclays Africa, says the chatbot is a way to be “more relevant” […]
MSB and FDH Bank to merge on Temenos’ T24 core system; Neptune’s Rubikon to be ousted
Malawi Savings Bank (MSB) and FDH Bank will unite, resulting in 250 job cuts and a major core system upgrade. Sobhuza Ngwenya, group head of marketing at FDH, says that the core business strategy of the merged entity “towards achieving the top bank status” will be technology-driven. However, no branches are expected to close. FDH […]
Export Development Bank live on Temenos T24 core banking system
Sudan-based Export Development Bank (EDB) has gone live with its new core banking system, Temenos’ T24. The Islamic bank implemented R13 of T24 and has also got Temenos’ Insight Financials tool. The project was initiated three years ago, with the contract signing in Q1 2013. National Data Consultants (NDC), a regional implementation partner of Temenos, […]
Chase Bank Kenya migrates card portfolio to OpenWay’s Way4 platform
Chase Bank Kenya has migrated its full card portfolio to the Way4 payment software platform from Electra Card System. The solution is developed by Belgium-based OpenWay and Way4 will support the issuance of prepaid, debit and credit cards — under the MasterCard and Visa brands. Chase Bank Kenya is looking to grow its cards business […]
Family Bank deploys new bancassurance system, JMR Infotech’s Avenir
Kenya-based Family Bank is implementing a new insurance platform, based on JMR Infotech’s Avenir offering. Avenir – an integrated bancassurance portal – will support Family Bank’s fresh entry into the insurance business. Just a couple of months back, the bank unveiled a new subsidiary, Family Bank Insurance Agency, to target “the lucrative but highly under-served […]
Out of Africa for Barclays as profit falls
Barclays is leaving Africa as it looks to consolidate the group and increase shareholder returns after a 2% drop in full-year profit. The bank will sell its 62% stake in Barclays Africa Group Limited (BAGL) over the coming few years and then focus on two divisions – Barclays UK and Barclays Corporate and International. BAGL […]
Aman Bank goes live with Oracle Flexcube core banking system
Libya-based Aman Bank has gone live on Oracle FSS’s Flexcube core banking system – with Oracle’s long-standing integrator JMR Infotech carrying out the implementation. The bank has ditched its legacy system iBank, from Tunisia-based Idee, and Rui Cupertino, deputy chairman at Aman Bank, expects the new system to “deliver significant improvements” and describes it as […]
Albaraka goes live with Infosys’ Finacle core banking system
Albaraka, a Morocco-based microfinance institution, has implemented Infosys’ Finacle core banking system, and customer relationship management (CRM) and wealth management solutions. The institution (formerly known as FONDEP) has ditched its existing core banking system as it plans to expand into retail banking and insurance products distribution. Mouatassim Belghazi, CEO, Albaraka, said with Finacle in place […]
Swift expands Innotribe to emerging markets, adds Industry Challenge
Swift’s Innotribe initiative is to expand its programme to support innovation in emerging fintech ecosystems, including Africa and Latin America. It has also announced a new Industry Challenge programme under which the Innotribe team will work with Swift members to identify business areas that could benefit from collaborative solutions.
Nedbank South Africa revamps payments ahead of September 2016 deadline
South Africa’s Nedbank has chosen Volante Technologies to help it revamp its payments message service using VolPay Foundation, which focuses on validating and processing payments. The move comes ahead of regulatory change next year, which will force all South African institutions to change the way they handle payments.
South Africa’s JSE aims to ‘spearhead’ African cross-listings with ETFs
Stock markets in Nigeria, Kenya and South Africa are planning to launch cross-listed exchange traded funds later this year, as part of an initiative that aims to boost liquidity across Africa’s three largest markets.
Casablanca joins London Stock Exchange ELITE program
The London Stock Exchange Group has signed an agreement with Casablanca Stock Exchange to support the launch of LSEG’s business development programme, ELITE, in Morocco.
JSE overhauls derivatives and fixed income systems
South Africa’s Johannesburg Stock Exchange is moving its derivatives and fixed income markets onto Millennium Exchange, the trading platform it bought from the London Stock Exchange when it moved its equities market earlier this year.
Tokenisation is key to tackling threat of payment challengers
The vast majority of payments worldwide are still made in cash. But if mobile were to combine e-commerce with proximity payment, that could be a problem for banks. One potential solution is tokenisation.
Banks face payments factory dilemma or disintermediation
As the payments industry adjusts to the gradual demise of interchange fees, banks will face declining profits. That means data will have to be used more effectively to squeeze out the remaining opportunities. But it also means they face a dilemma between building their own services and outsourcing.
