Rwandan-based Bank of Kigali has selected software development firm Temenos to transform its legacy systems as the bank begins its “digital transformation journey.”
The Bank of Kigali expect incorporating Temenos’ modern software will further support its regional growth plans and drive its financial inclusion objectives.
Through Temenos’ banking software, the bank aims to provide services specifically tailored towards underserved segments of the economy and other important population demographics such as the youth and the unbanked.
Dr. Diane Karusisi, CEO, Bank of Kigali Plc, commented: “We are excited to expand our relationship with Temenos, which will form the foundation to drive our three-year digital transformation strategy.”
The Bank of Kigali plans to grow its number of customers to one million by 2021.
“Temenos’ cloud-native and cloud-agnostic banking software will help reduce deployment costs and drive simplicity and efficiency of operations,” added Karusisi.
“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.”
Having worked in collaboration with Temenos since 2016, the Bank of Kigali will utilise Temenos T24 Transact along with the advanced analytics, reporting, risk and compliance modules.
Jean-Paul Mergeai, managing director, Middle East & Africa, Temenos, noted that financial institutions can only be considered “truly digital” when they transform their end-to-end operations and that
He said: “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.
“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.”
Temenos recently landed a deal with Eurobank Group (EBG) to drive its digital presence.