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Temenos Successfully Delivers Core Banking Platform for Ghana’s Second Largest Bank

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The Consolidated Bank Ghana Limited (CBG) has gone live with Temenos T24 Transact, the next generation in core banking, to power its operations for retail and corporate banking.

Temenos’ cloud-native, cloud-agnostic platform will empower CBG to rapidly and cost-effectively deliver innovative digital banking services and exceptional customer experience.

CBG formed in August 2018 from the selected assets and liabilities of five insolvent Ghanaian banks: Sovereign, BEIGE, Royal, Construction, uniBank with the subsequent inclusion of Heritage and Premium Bank. Each erstwhile bank operated independently on the Temenos core banking software.

CBG therefore selected Temenos to seamlessly migrate the disparate systems onto a single comprehensive platform. The migration means CBG can consistently deliver excellent customer experiences and transformative digital banking services to any customer, regardless of their location.

Temenos’ state-of-the-art core banking platform will provide CBG with unparalleled operational efficiency while drastically lowering its cost-income ratio. Temenos’ unique architecture will deliver the agile scalability needed for CBG to realize its growth aspirations and support financial inclusion in Ghana.

These unique capabilities will also be fundamental in supporting CBG’s core business objectives, which include deposit mobilization, strategic asset growth, non-funded income, and cost containment.

The formation of CBG is as a result of the regulator-driven consolidation sweeping the Ghanaian banking market. In September 2017, the central bank issued a directive that raised the minimum capital requirements for all universal banks in Ghana from 120m Cedis (US $22.8 million) to 400m Cedis (US $73.4 million).

As a result, the number of banks in Ghana has fallen from more than 34 to 23. This banking sector cleanup has seen larger banks, like CBG, emerge with the capacity and resource to truly transform the landscape and improve efforts to foster financial inclusion. CBG is the Ghana’s second largest bank, with 114 branches, 119 ATMs and around 1 million customers.

Daniel Addo, Chief Executive Officer, CBG, said: “Temenos’ rich banking functionality and advanced cloud and API first technology made it the perfect partner for this ambitious and exciting consolidation project.

“Already a trusted partner to each of the seven erstwhile banks, Temenos has the blueprint for advanced cloud-native, cloud-agnostic core architecture that will allow us to deliver digital banking services and promote financial inclusion, both now and in the future.

“Together with Temenos we can deliver on our vision to become the bank of choice in Ghana, providing a simple, secure and differentiated banking experience to our customers.”

Jean-Paul Mergeai, Managing Director – Middle East and Africa, Temenos, said: “We are delighted to partner with Consolidated Bank Ghana Limited during this exciting time of integration and transformation in banking.

“Temenos has a wealth of expertise bringing together and streamlining the operations of multiple banks in a way that drives operational efficiency and significant cost savings.

“In Temenos T24 Transact, CBG has a future-proof platform from which it can drive business growth, accelerate product innovation and better respond to market changes to meet customer needs. Ghana is a key growth market for Temenos and we are dedicated to see the positive outworking of this key relationship with CBG as we move towards digital transformation and financial inclusion.”


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E-Financial

FG Sacked IST Members over Fraud- Ahmed

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Mrs Zainab Ahmed, minister of Finance Budget and National Planning, has said the Federal Government sacked some past members of the Investments and Securities Tribunal (IST) as they indulged in corruption.

FG Sacked IST Members over Fraud- Ahmed

Inaugurating the new members, the minister charged the new members to eschew corruption and be forthright.

Bar. Azi Amos Isaac was appointed as Chairman for a five year term and Bar. Nosa Smart Osemwengie, was re-appointed as member for a second term of four years.

“The problem with the tribunal has been infighting amongst members, lack of industrial harmony and series of complaints bordering on maladministration.

“This has been the bane of the tribunal and a source of embarrassment not only for the Ministry of Finance but for the government in general,” Ahmed said.

The new chairman, Azi, assured the finance minister that, “the teething issue of restiveness has been addressed since he assumed duty,” adding that, “The place is calm and the staff have become very supportive.”

Azi said since 2003, the tribunal has “given judgment in the value of assets worth over N844 billion and that from 2017 to date, they have given decisions in monetary value totalling over N28bn.

“It has not failed in its adjudicatory responsibility.

“It has carried out its assignment with candour and integrity and intends to improve on what has been on ground.”

 


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CBN Bans Customer-to-Customer Forex Transfer

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Central Bank of Nigeria (CBN) has banned transfer of foreign exchange (forex) from one customer to another.

CBN Bans Customer-to-Customer Forex Transfer

According to the apex bank, forex cash lodgements into domiciliary accounts can only be done by the account owners henceforth.

An internal memo available in the media space explains that the new guidelines are necessary to review the utilisation of inflows into customers domiciliary accounts.

The circular states: “Forex inflows cannot be credited to customers until the legitimacy of funds is established.

“They can have unfettered access by telegraphic transfers up to a limit of $40,000 monthly for payment of medical bills, school fees, subscription to professional bodies subject to existing CBN guidelines.

“Transfers from one customer to another is prohibited. Transfer within related companies is allowed subject to a limit of $50,000 per month.”

It recommended that proceeds from non-oil exports should be sold to banks, used for repayment of dollar term loans, and self-utilisation for trade transactions for LC, bills and Form A.

Also oil export proceeds from E&P companies are to be used to pay contractors and service providers employed by the oil companies in addition to the recommended uses for non-oil FX proceeds.

Offshore forex inflows from other Nigerian banks and internal account to forex transfers sourced from offshore inflows are to be used for trade transactions subject to eligibility for E-Form M.

“Upon confirmation of the legitimacy of the inflows, customers can have unfettered access, subject to a maximum of $50,000,” the document read.

“Utilisation for trade transactions subject to processing of eligible trade transactions using E-Form M. Payment for services must be backed with demand note from offshore beneficiary and other regulatory documents.

“Related party transfers are allowed to the maximum of the inflow received. The transfer request should be backed by a signed instruction from the account holder.” Payment of government fees and levies are also allowed to the maritime, oil and gas, aviation. government parastatals and export processing zones.

 


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Stanbic IBTC, Standard Bank, Listed Among Top African Corporate Brands

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Stanbic IBTC Holdings PLC and its parent company, Standard Bank, have emerged amongst the top winners of the 2020 Tech Times’ Africa LinkedIn Corporate Brand Awards.

The Stanbic IBTC Group emerged the second position in the category, with total votes of 3,515, out of 24 firms nominated for the award. Standard Bank placed the fourth 2,494 votes.

Nominations for this award opened to the public on July 1, 2020 and closed on July 14.

Shortlisted nominees were announced on August 24 while voting commenced immediately and voting ended on September 8, 2020.

The Corporate Brand Awards was instituted by Tech Times’ Africa, an online platform for leading technology, innovation, and startup stories.

Expressing his delight on the awards, Dr Demola Sogunle, Chief Executive, Stanbic IBTC Holdings PLC, said that both Stanbic IBTC Holdings PLC and Standard Bank had been deliberate and consistent in making a remarkable impact in Africa’s financial sector.

“Our sincere appreciation goes to the organisers of the Africa Corporate Brands Awards and to every member of the public who voted. This is a reflection of the high level of trust and confidence that the public has reposed on us,” he added.

Dr Sogunle further said that Stanbic IBTC Holdings PLC would remain relentless in portraying the organisation as one of the most influential corporate brands in Africa.

He stated: “Stanbic IBTC Holdings PLC and Standard Bank have relentlessly contributed to driving the growth and development of the African financial ecosystem. These awards affirm our efforts, and we are encouraged to raise the bar continually.”

The Africa Corporate Brand Award is designed to identify and recognise outstanding companies. It also projects their achievements and impacts on African society and the world at large.


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