E-Financial
Temenos Digital Leaders Summit Series Explores the Next Evolution of Banking in Africa
Changing consumer expectations, technological advancements, and regulatory reforms have seen digital transformation become an integral part of the modern banking industry.
Global banking software provider, Temenos, hosted an exclusive Southern Africa Digital Leaders Summit in Sandton on 14 November 2023 to discuss how the banking industry in the region needs to respond to these rapid and evolving changes for sustained success.
The Summit agenda was directed by findings from a recent Economist Impact report for Temenos which found that new technologies will have the most significant impact on banks over the next five years – more than customer demands and evolving regulation – and that unlocking value from artificial intelligence (AI) and generative AI has been identified as a key differentiator.
One-in-five banks globally see their business models evolving over the next 12-24 months towards offering banking-as-a-service to brands and fintechs, while nearly twice as many banks envision acting as a true digital ecosystem themselves.
Customer centricity is also driving banks to offer more embedded ESG propositions, while the focus on lowering their carbon footprint, as well as the increasing use of data-intensive AI, has prompted half of the world’s banks to expect these activities will inevitably lead them to move to the public cloud and do away with owning any private data centres.
The Africa Digital Leaders Summit has been a series of regional events hosted by Temenos to engage with banking institutions and industry players across the continent and promote open dialogue on how global trends are influencing local banking industries.
The Southern Africa leg of the Summit series consisted of thought-provoking discussions, interactive panels, and live demonstrations led by seasoned experts from Temenos alongside industry leaders from BankservAfrica, Nedbank, Liberty Group South Africa, Bidvest Bank Limited, Standard Bank Group, Tyme Bank, Barko Financial Services, EY and Microsoft.
The half-day session topics included banking trends and navigating the modernisation journey; enhancing the customer experience through smart, personalised digital banking and seamless payments; wealth management opportunities, and more.
“Banks across the region are increasingly adopting digital technologies to enhance customer experiences, streamline operations, and offer innovative financial products and services.
“The Summit saw the coming together of visionaries and innovators who are leading the charge for digital change in banking in Southern Africa. The next wave of banking trends that are already in motion and shaping the industry were discussed – setting the stage to redefine the future of banking across the region,” said William Moroney, Managing Director – Middle East & Africa, Temenos.
The keynote presentation from Sean Berrington, Partner – Technology, Consulting at EY highlighted the shift to digital as a universal imperative for banks on the continent. In this environment, banks require a platform that helps them build for change while still delivering a broad set of banking capabilities across multiple segments.
With the shift to digital being more important than ever, it has become a business imperative for banks to change if they are to remain relevant against rapidly growing fintech startups.
“Banks are aware that they need to transform to survive. Our research shows that two-thirds of global banking executives considered their organisation’s ability to transform as ‘extremely important’ for their future survival – and this expectation is mirrored in Africa,” said Berrington. “There is also a clear need for banks to change in ways that drive accessibility, affordability, and trust when it comes to payment mechanisms in Africa.”
Tielman Walters, Chief Technology & Information Officer at Barko Financial Services, a Temenos customer, also spoke at the Summit and stressed the crucial role that technology has played in assisting it in transitioning from a microfinance institution to become a new potential mutual bank with a wider range of digital services.
“To achieve our growth objectives, we needed a much more advanced and scalable back-end platform, which would enable us to develop and launch new banking services quickly. Temenos provides us with a platform to deal with any spikes in business volumes without any problems. Using the resources available in the Temenos Learning Community, we have also developed an extensive knowledge base on the solutions as we continue on our journey,” said Walters.
The Southern Africa event forms part of Temenos’ pan-Africa Digital Leaders Summit roadshow, which has already been East and West earlier this year and next will travel to Morocco on 28th November 2023, to explore the impact of these themes and trends on the Northern Africa banking industry.
Temenos consistently tops the IBS Intelligence Sales League Table for digital and core banking. Temenos also ranked #1 in Regional Sales Awards for the Middle East and Africa in the most recent IBSi Sales League Table 2023.
Ecobank Nigeria has announced the successful repayment of the outstanding principal and accrued interest on its original $300 million Eurobond due February 16, 2026, marking a significant milestone in its liability management strategy and overall balance sheet strengthening efforts.
Following the full repayment of the Eurobond obligations, the Bank stated that it will now focus its funding initiatives primarily on the domestic capital markets. T
his strategic shift reflects growing confidence in Nigeria’s local debt market and aligns with Ecobank Nigeria’s long-term objective of optimising funding costs while deepening its participation in the domestic financial ecosystem.
“Going forward, Ecobank Nigeria will prioritise domestic credit ratings and local debt issuance to achieve its funding objectives,” stated Ogorchukwu Okwechime, Financial Controller, Ecobank Nigeria, in Lagos.
He added that the successful repayment reinforces the Bank’s commitment to maintaining a resilient balance sheet and sustaining investor confidence.
The tender offer was conducted with Renaissance Capital Africa (Renaissance Securities Nigeria Limited) acting as financial adviser and dealer manager, while Sodali & Co Limited served as tender agent.
The notes were originally issued by EBN Finance Company B.V., with limited recourse to the issuer, for the sole purpose of financing the purchase of the US$300 million 7.125 per cent Senior Note due 2026 issued by Ecobank Nigeria.
The transaction underscores Ecobank Nigeria’s proactive approach to liability management, prudent capital planning, and strategic alignment with evolving market conditions.
It further positions the Bank to leverage domestic funding opportunities while maintaining financial flexibility and operational stability.
Bank of Industry (BOI) has received approval from the Central Bank of Nigeria (CBN) to operate a Non-Interest Banking (NIB) Window.
Theodora Amechi, bank’s divisional head, Public Relations, said the regulatory nod allows BOI to launch non-interest banking operations, targeting underserved business segments with tailored financial solutions to support Nigeria’s industrial development.
BOI stated that NIB operations will promote inclusive growth, attract ethical funding, bolster the real economy, and finance customer assets and raw materials using approved non-interest products.
“This approval authorises BOI to commence Non-Interest Banking operations, positioning the bank to further advance Nigeria’s sustainable and inclusive industrial development through tailored financial solutions for underserved and high-impact business segments.
“The Non-interest Banking operations will enable BOI to drive inclusive growth, mobilise new ethical funding, expand support for the real economy, and align its financing activities with social and developmental objectives.
According to the bank, under this framework, BOI will be able to finance customers’ assets and raw materials using approved Non-Interest Banking products.
Announcing this milestone, Dr Olasupo Olusi, MD/CEO, Bank of Industry, said, “This licence marks a pivotal moment in the Bank’s journey of transforming Nigeria’s industrial sector. With this licence, we can reach a new category of borrowers who, before now, could not be served.”
He said the approval underscores the CBN’s confidence in the Bank’s commitment to responsible financing, adding that it will allow the bank to scale its operations, introduce innovative financing solutions, and deepen support for Micro, Small and Medium Enterprises (MSMEs), as well as other underserved segments critical to Nigeria’s sustainable economic growth.
“BOI’s decision to commence Non-Interest Banking operations is aimed at expanding access to ethical funding for businesses—particularly those that have traditionally avoided conventional interest-based financing.
This initiative opens new opportunities for ethically motivated and faith-sensitive enterprises, as well as segments of the economy that face challenges accessing traditional credit.
It enables such businesses to access much-needed financing and participate confidently in the formal financial system in a manner consistent with their values and business realities.
Bank of Industry (BOI) is Nigeria’s foremost Development Finance Institution, committed to driving industrial growth and inclusive economic development,” Olusi said.
Established in 1959 as the Investment Company of Nigeria (ICON) and reconstituted as Nigerian Industrial Development Bank (NIDB) under World Bank guidance in 1964.
The Bank assumed its current form in 2001 following the merger of the Nigerian Bank for Commerce and Industry (NBCI) and the National Economic Reconstruction Fund (NERFUND).
The Bank’s primary mandate is to provide financial assistance for the establishment and expansion of large, medium, small-scale, and micro projects.
Zenith Bank Plc has cautioned the public against fraudulent videos circulating online falsely claiming that Group Chairman Dr. Jim Ovia endorses an investment scheme called “Wealth Bridge.”
Jim Ovia
In a disclaimer issued Tuesday by its management, the bank described the videos—circulated via the “Greece Island” Facebook handle—as entirely fake, doctored content bearing no connection to Dr. Ovia, the bank, or its affiliates.
The materials falsely promise up to N2 million in weekly returns for a N380,000 investment, while baselessly alleging Central Bank of Nigeria (CBN) endorsement and redirecting viewers to a sham “Arise News” webpage with a signup portal.
“Our attention has been drawn to a doctored video and still pictures currently circulating on social media, purporting to depict the Group Chairman of Zenith Bank Plc (‘the Bank’) as endorsing an investment scheme called ‘Wealth Bridge’ on the ‘Greece Island’ Facebook handle and soliciting members of the public to engage in a business relationship with the so-called entity,” the statement read.
“This claim is entirely false and has no connection whatsoever to the Group Chairman, the Bank or any of its affiliate companies.”
Zenith Bank stressed that Dr. Ovia and the institution have no knowledge of or partnership with “Wealth Bridge,” “delicious sitee,” “AfriQuantumX,” “Stock market analyst 1,” or related entities. The public was warned that dealing with these schemes carries full personal risk.
Ravenewsonline urges vigilance against rising impersonation scams targeting financial institutions.
Ecobank Nigeria Fully Repays $300m Eurobond Notes
Chams Carves Out Subsidiary to Support Africa’s Digital Transformation
BoI Secures CBN’s Approval for Non-interest Banking Operation
Nigeria, South Africa Drive Stablecoin Spending in Africa
Africa’s Active Data Centres’ Capacity on Back Foot, Despite Investment Push
Nigeria’s 9 Top FinTech Firms Valued at $10.6Bn in January 2026
Firm Detected a Fivefold Surge in QR Code Phishing Attacks in the Second Half of 2025
DG NCC Tasks University Dons on Research Commercialization, IP Management to Build Global Competitive Ecosystems
Kaspersky Launches OT Calculator to Align Cybersecurity Investments with Business Goals
Firm Detected a Scam Exploiting OpenAI’s Teamwork Features
News3 days agoAfrican Leaders Highlight Africa’s AI Ambitions
General News3 days agoNDPC Orders Probe into Temu over Alleged Data Privacy Breaches
Telecom2 days agoTerra Moves to Expand in African Drone Sector, Secures $22m Funding
Telecom3 days agoMTN, BUA, Dangote & Other Industry Giants Triumph at NGX Made of Africa Awards
Telecom3 days agoX Suffers Global Outage, Millions Barred from Access
Telecom3 days agoNigeria’s Internet Users Hit 148.2m Amid Data Cost Surge
Telecom2 days agoTemu Assures Compliance Amid Nigeria Data Privacy Probe
News3 days agoLG Nigeria Begins Nationwide Search for Oldest Working TV, Rewards Loyalty with AI QNED Upgrade