Leading Nigerian Retail Bank upgrades infrastructure with Temenos

Geneva, Switzerland - 27 January 2011

Temenos (SIX: TEMN), the global provider of banking software, today announced that Afribank Nigeria Plc, a leading retail banking institution in Nigeria, has upgraded its entire operational infrastructure with TEMENOS T24 (T24), across its 222 branches. The bank had been running its operations on Globus, Temenos’ previous core banking offering, since 2001 before opting to upgrade to T24 in February 2010 following a rigorous evaluation in which solutions from Infosys and Oracle were also assessed.

Afribank embarked on the upgrade in response to wide spread market change in the Nigerian banking market, including increased regulatory requirements and demand for electronic banking products. “This project is one of the smoothest implementations I have ever witnessed – delivered on time and budget with an enormous amount of support from everyone involved. We are already providing faster, improved services and 24x7 availability of electronic channels to our clients. As a fully upgradeable, integrated system, T24 provides end
to end functionality to support our entire spectrum of operational requirements across the front, middle and back office which will play an integral role in boosting our service capability and leveraging more efficient, automated business processes”, commented Mr. Victor Oladapo, Head of IT, Afribank Plc.

Afribank also opted to implement Insight, Temenos’ fully integrated business intelligence suite specifically designed to meet a bank’s operational, risk and regulatory information management requirements. T24 was implemented by Temenos’ regional services partner Inlaks Computers, going live in January 2011. The deployment of Insight is currently underway and is due to go live in March 2011.

“We are delighted to observe how Afribank is leveraging immediate value from T24, which not only demonstrates its complete support for large scale retail banking operations, but highlights the ease at which these types of organisations can cost effectively simplify their architectures and quickly begin to improve services for customers.

We build our product in such a way to secure upgradeability to future releases which in turn ensures that our clients never face the issue of technology obsolescence. ”, commented Andreas Andreades, CEO, Temenos.

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