Temenos digital and core banking solution will enable the bank to provide innovative products faster to retail and corporate customers in Sudan and around the world<
GENEVA, SWITZERLAND – EQS Newswire – 26 October 2023 – Temenos (SIX: TEMN) (www.Temenos.com) today announced that Africa and Gulf Bank (AGB) (https://www.BankAGB.com/), one of the progressive banks in Sudan, has selected Temenos to modernize its digital and core banking capabilities. The Temenos solution, hosted on the cloud, will enable AGB to provide innovative products faster to retail and corporate customers in Sudan and around the world.
Having acquired Sudan based operations of a major Gulf Corporation Council (GCC) bank, AGB commenced operations in late 2021. AGB has ambitious growth plans as it seeks to bring innovative Sharia-compliant products for its customers within Sudan and internationally to the Sudanese diaspora.
AGB has a customer-centric, digital-first business strategy focused on providing innovative financial products, services and a branch-lite network outreach to individuals, small and medium-sized enterprises and corporate customers.
AGB has a collaborative vision to develop a payment ecosystem in the country which will drive financial inclusion objectives, foster a culture of digital payments and channelize formal inward remittances. Temenos digital and core banking will enable the bank to leap forward in the evolving digital economy in the country by providing modern-day products and financial services in Sudan.
Sudan has a digitally savvy population and a growing fintech industry offering a variety of banking services. Backed with Temenos Transact, AGB will utilize Temenos Infinity as a true omnichannel, multi experience platform helping the bank to serve its customers on multiple channels and devices using native features.
With a complete set of front-to-back banking capabilities on Temenos’ open and composable platform, AGB can deliver a seamless, personalized digital experience to its customers, including those overseas, while also benefiting from enhanced compliance and analytics.
Qamber Al Mulla, Chairman of Africa and Gulf Bank commented: “Africa and Gulf Bank has developed an ambitious roadmap based on innovative retail, digital and wholesale banking products and services which include critical capability enhancements like instant onboarding, automated AI-based approvals, straight-through-processing and digitized workflows. Building up on our ‘Digital and Agency First’ strategy, the introduction of Temenos Transact and Infinity will allow AGB to develop robust banking services for Sudanese people both at home and in the diaspora.”
Nadeem Lodhi, Chief Executive Officer, Africa and Gulf Bank, commented: “The investment in Temenos Transact and Infinity underscores our commitment to be not only the best bank but also the most innovative. Replacing the core banking system with a cloud-native platform will improve our bank’s operational efficiency and allow us to introduce new products and services, faster to market.”
William Moroney, Managing Director – Middle East and Africa, Temenos, said: “We are delighted to be chosen by AGB to modernize its digital and core banking capabilities. Temenos has a strong presence in East Africa and Sub Sahara and this latest signing shows we have a compelling solution for banks in the region. Our flexible, cloud-native platform will enable AGB to operate more efficiently and bring innovative new products to Sudanese consumers and businesses more quickly, while improving customer experience. We look forward to working with AGB as it leverages the powerful capabilities of our platform to deliver its ambitious plans and support the growth of the Sudanese economy.”
Temenos is the global market leader in banking software, consistently ranked #1 by IBS Intelligence for digital and core banking, including in the most recent IBSi Sales League Table 2023 (https://apo-opa.info/3FsBjXj).
About Temenos
Temenos (SIX: TEMN) is the world’s leading open platform for composable banking, creating opportunities for over 1.2 billion people around the world every day. We serve 3000 banks from the largest to challengers and community banks in 150+ countries by helping them build new banking services and state-of-the-art customer experiences. The Temenos open platform helps our top-performing clients achieve return on equity three times the industry average and cost-to-income ratios half the industry average.
For more information, please visit www.Temenos.com.