Africa and Gulf Bank taps Temenos for core banking transformation 

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Temenos has been chosen by the Africa and Gulf Bank (AGB) as a partner to modernise the financial institution’s digital and core banking capabilities.

Using cloud-hosted technology, Temenos will provide the Sudanese bank with the capabilities necessary to supply retail and corporate clients in Sudan and the rest of the world with its products. 

AGB is a relatively new entity that opened in late 2021 after acquiring the Sudan-based operations of a major bank part of the World Bank’s Gulf Corporation Council (GCC) department. 

The bank is primarily focused on a digital-first business strategy that provides financial products and services to individuals, small-to-medium enterprises and corporate customers. 

Qamber Al Mulla, Chairman of AGB, said: “Africa and Gulf Bank has developed an ambitious roadmap based on innovative retail, digital and wholesale banking products and services which include critical capability enhancements like instant onboarding, automated AI-based approvals, straight-through-processing and digitised workflows. 

“Building up on our ‘digital and agency first’ strategy, the introduction of Temenos Transact and Infinity will allow AGB to develop robust banking services for Sudanese people both at home and in the diaspora.”

AGB’s established goal is to create a payment ecosystem in Sudan that drives financial inclusion, fosters a culture of digital payments and simplifies remittances, and believes that Temenos is the right partner to evolve the country’s digital economy. 

Nadeem Lodhi, Chief Executive Officer of AGB, commented: “The investment in Temenos Transact and Infinity underscores our commitment to be not only the best bank but also the most innovative. Replacing the core banking system with a cloud-native platform will improve our bank’s operational efficiency and allow us to introduce new products and services, faster to market.”

Overall, Sudan currently hosts a growing fintech industry as is home to a digitally savvy population that utilises a variety of banking services, which will be leveraged even further by Temenos’ front-to-back banking capabilities. 

William Moroney, Managing Director for the Middle East and Africa at Temenos, concluded: “We are delighted to be chosen by AGB to modernise its digital and core banking capabilities. Temenos has a strong presence in East Africa and Sub Sahara and this latest signing shows we have a compelling solution for banks in the region. 

“Our flexible, cloud-native platform will enable AGB to operate more efficiently and bring innovative new products to Sudanese consumers and businesses more quickly, while improving customer experience. We look forward to working with AGB as it leverages the powerful capabilities of our platform to deliver its ambitious plans and support the growth of the Sudanese economy.”