NAIROBI, Kenya, May 22 – Stanbic Bank has upgraded its core banking system, called ‘Temenos 24’ into latest version.
The T24 upgrade will, however, be done in phases, the bank said, to minimize service disruption, and will be completed by the end of the year.
After the upgrade, the lender expects the new updates will offer better and faster services to customers.
“Technology and innovation are central to our continued growth in a highly digitized and complex banking environment,” Joshua Oigara, Stanbic Bank Kenya and South Sudan Chief Executive, said.
“This upgrade adds on to our technological capabilities and enables us to better serve our clients both on a local and global scale. We are proud to partner with Orion, and to leverage on its strong background and expertise in driving system modernization.”
The upgrade will be undertaken by Orion Innovation Trading as Banktech Software Services Ltd., which is a US-based technology company specializing in digital transformative business solutions rooted in digital strategy, experience design, and engineering.
“Our team continues to make inroads into the African Financial Services market as we help fuel digital innovation in the region,” says Anoop Gala, Orion’s Global Head of Financial Services.
“The deal is another testament to our commitment to fostering growth and modernization in Africa’s financial sector.”
In the full year ending December last year, Stanbic posted a Sh12.16 billion profit, representing a 34.2 percent growth from a similar period in 2022.
By Feddy Mwende
