Welcome to Africanews

Please select your experience

Watch Live

world

Bank of Kigali Plc selects Temenos to power its Digital Transformation Strategy

Bank of Kigali Plc selects Temenos to power its Digital Transformation Strategy

Bank of Kigali Plc (www.BK.rw) has selected Temenos (SIX: TEMN) (www.Temenos.com), the banking software company, to power its digital transformation journey in order to support its regional growth plans and realize its financial inclusion objectives.

With Temenos packaged and upgradeable banking software, Bank of Kigali Plc will gain business agility and dramatically lower the cost of deployment. The bank will be able to deliver innovative products and services specifically to underserved segments of the economy and key population demographics like the youth and the unbanked. Bank of Kigali Plc plans to grow the number of customers to one million by 2021.

Bank of Kigali Plc is transforming its legacy IT systems using Temenos T24 Transact, the next generation core banking software product, including the Advanced Analytics, Reporting, Risk and Compliance modules; additional capabilities will be provided by the Temenos Payments product.

Incorporated in Rwanda on 22 December 1966 and a customer of Temenos since 2016, Bank of Kigali has grown to become the country’s largest commercial bank with a branch network of 68 locations, 99 ATM’s, 1,427 banking agents and over 1,200 staff.  Bank of Kigali Plc is currently looking to drive its transactional growth revenue through both retail and insurance and brokerage business. Temenos functionally rich and scalable banking software will help Bank of Kigali to simplify and automate its processes, significantly grow its digital banking customer base and provide a 360-degree customer view through a single digital banking platform. By implementing Temenos’ software, the bank will be able to introduce innovative products and services more quickly to support its growth ambitions and continue to pursue its vision of becoming the financial institution of choice.

The bank will leverage Temenos' global expertise and 25 years of banking software experience as well as Temenos' commitment to invest 20 percent of revenues into research and development every year, which is the highest in the industry.

Dr. Diane Karusisi, CEO of Bank of Kigali Plc, said: “We are excited to expand our relationship with Temenos, which 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.”

Jean-Paul Mergeai, Managing Director Middle East & Africa at Temenos, 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. We believe that financial institutions can only become truly digital when they transform their end-to-end operations and we are the best provider to help them realize their digital vision.

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 has a longstanding presence with 50+ customers in East Africa providing real-time and scalable banking software. Temenos has supported financial institutions address their evolving customer demands and regulatory requirements for more than 20 years in the region.


Distributed by APO Group on behalf of Temenos.

Media Contact:
Temenos Media Contacts
Jessica Wolfe
Temenos Global Public Relations
Tel: +1 610 232 2793
Email : press@temenos.com

Alistair Kellie & Andrew Adie
Newgate Communications on behalf of Temenos
Tel: +44 20 7680 6550
Email: allnewgatetemenos@newgatecomms.com

Kigali Media Contacts
Dadi Niwenjye
Bank of Kigali Communications Manager
Tel: +250788 143 456
Email: dniwenjye@bk.rw

About Bank of Kigali Plc:
Established in 1966, BK Group Plc (www.BK.rw) is a group company registered with Rwanda Development Board (RDB) and licensed under Law No. 08/99. The Bank subsidiary is the largest commercial bank in Rwanda, with leading market share over 30% across key metrics as at 31 March 2019. The Bank has a distribution network comprising of 68 branches, 13 outlets, 9 mobivans, 1,477 agents and serves over 290,000 individuals and over 24,000 business entities. The Bank has a wide distribution network that includes self-service channels such as deposit-taking ATMs and Point of Sale terminals as well as channels that are geared towards promoting financial inclusion such as mobile vans.

The Group has a short-term credit rating of A1+ and a long-term rating of AA-, with a stable outlook, from Global Credit Rating (GCR). In 2011, the Bank became the second domestic company to be listed on the Rwandan Stock Exchange and in 2018 became the first domestic company to be listed on an international exchange – the Nairobi Securities Exchange.

The bank is going through an extensive business transformation, leveraging the use of technologies and data to become a Digital service provider

The bank won the Euromoney Award for Excellence as the Best Bank in Rwanda for the 5th year running. In addition, for the seventh time, the bank was recognized as the Bank of the Year in Rwanda by The Banker Magazine and as the Best Bank in Rwanda by EmeaFinance for the ninth consecutive time. For more information please visit www.BK.rw.

About Temenos:
Temenos AG (SIX: TEMN) (www.Temenos.com), headquartered in Geneva, is the world’s leader in banking software, partnering with banks and other financial institutions to transform their businesses and stay ahead of a changing marketplace. Over 3,000 firms across the globe, including 41 of the top 50 banks, rely on Temenos to process both the daily transactions and client interactions of more than 500 million banking customers. Temenos offers cloud-native, cloud-agnostic front office and core banking, payments, fund management and wealth management software products enabling banks to deliver consistent, frictionless customer journeys and gain operational excellence. Temenos customers are proven to be more profitable than their peers: over a seven-year period, they enjoyed on average a 31% higher return on assets, a 36% higher return on equity and an 8.6 percentage point lower cost/income ratio than banks running legacy applications. For more information please visit www.Temenos.com.


Temenos
Download logo

Africanews provides content from APO Group as a service to its readers, but does not edit the articles it publishes.