Bank of Kigali has selected Temenos to power its digital transformation journey.
The bank in Rwanda aims to accelerate its regional growth as well as build upon its financial inclusion objectives.
Bank of Kigali Temenos journey will include using Temenos T24 Transact to revolutionise its legacy IT systems. The software product includes:
- Advanced Analytics,
- Risk and Compliance modules;
By partnering with Temenos, Bank Kigali Plc will increase banking business agility and significantly decrease deployment costs.
Founded in 1966, Bank of Kigali is now Rwanda’s largest commercial bank. It has a branch network of 68 locations, 99 ATMs, and over 1,200 staff.
The bank is looking to drive its transactional growth revenue through both retail and insurance and brokerage business.
In addition, Temenos will simplify and automate the bank’s processes, allowing for a seamless digital experience.
CEO of Bank of Kigali Plc, Dr. Diane Karusisi, said: “We are excited to expand our relationship with Temenos. This will form the foundation to drive our three-year digital transformation strategy.
“Temenos’ cloud-native and cloud-agnostic banking software will help reduce deployment costs and drive simplicity and efficiency of operations. 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.”
Bank of Kigali: delivering services for the unbanked
The banking market in Africa is growing significantly, with consumers eager to adopt alternative technologies.
It’s a continent that is rapidly becoming digitally friendly but still has a large unbanked population.
Overall, the number of Africans with bank accounts grew rapidly from 170 million in 2012 to nearly 300 million in 2017.
Furthermore, according to McKinsey, the figure is expected to rise to 450 million in the next five years.
This is why its critical that financial institutions like Bank of Kigali continue to deliver inclusive digital solutions.
In addition, Bank of Kigali Plc plans to grow the number of customers to one million by 2021.