GHANA – Ghana’s second largest bank, Consolidated Bank Ghana Limited (CBG), has acquired 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.
The bank, according to Temenos, selected its software to enable it to seamlessly migrate the disparate systems onto a single comprehensive platform.
This became particularly necessary when the bank was formed 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 and urgently needed to streamline operations that were previously handled by these banks.
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.”
“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,” Addo added.
The migration means CBG can consistently deliver excellent customer experiences and transformative digital banking services to any customer, regardless of their location.
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.”
He added that, “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.”
Temenos’ state-of-the-art core banking platform will provide CBG with unparalleled operational efficiency while drastically lowering its cost-income ratio.
The banking software company noted that its unique architecture will deliver the agile scalability needed for CBG to realize its growth aspirations and support financial inclusion in Ghana.
According to Temenos, 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.
Formed as a result of a clean up in the banking sector, CBG is currently the second largest bank in the country, with 114 branches, 119 ATMs and around 1 million customers.