Banking software company Temenos has announced that Consolidated Bank Ghana Limited (CBG) has gone live with Temenos T24 Transact core banking system for its retail and corporate banking operations.
Temenos’ cloud-native, cloud-agnostic platform will empower CBG to rapidly and cost-effectively deliver innovative digital banking services and exceptional customer experience.
CBG was 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 of those bank operated independently on the Temenos core banking software. CBG therefore selected Temenos to migrate the disparate systems onto a single comprehensive platform.
Temenos’ core banking platform will provide CBG with operational efficiency while lowering its cost-income ratio. Temenos’ architecture will deliver the agile scalability needed for CBG to realize its growth aspirations and support financial inclusion in Ghana. These capabilities will also be fundamental in supporting CBG’s core business objectives, which include deposit mobilisation, strategic asset growth, non-funded income, and cost containment.
Daniel Addo, CEO of CBG, says: “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, MD: Middle East and Africa of Temenos, comments: “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.”