Afribank Nigeria has
upgraded its operational infrastructure with Temenos’ T24 core
banking software.

Afribank, the
fourth-largest Nigerian bank by branches, opted for Temenos’
solution last February following an evaluation process involving
solutions from core banking rivals Infosys and Oracle.

Afribank has been
running Temenos’ Globus system since 2001.

Victor Oladapo, head of
IT at Afribank, said:

” This project is one of
the smoothest implementations I have ever witnessed – delivered on
time and budget with an enormous amount of support from everyone
involved.

“We are already
providing faster, improved services and 24/7 availability of
electronic channels to our clients.

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Afribank is also
deploying Insight, Temenos’ fully integrated business intelligence
suite, specifically designed to meet a bank’s operational, risk and
regulatory information management requirements.

Andreas Andreades, CEO,
Temenos, said: “We are delighted to observe how Afribank is
leveraging immediate value from T24, which not only demonstrates
its complete support for large scale retail banking operations, but
highlights the ease at which these types of organisations can cost
effectively simplify their architectures and quickly begin to
improve services for customers.”

Afribank was one of nine
Nigerian lenders to be bailed out by the country’s central bank in
2009.

Afribank has since
embarked upon a fear-reaching two-year customer excellence
programme, focused on value chain, improved IT, cost effectiveness,
group integration and product innovation.

Afribank posted profits
before tax for the three months to 30 September 2010 of NGN8.1bn
($53.2m) compared to a loss of NGN231.6bn in the same period the
prior year. Assets increased by 13% to NGN316bn.

In December, Fidelity
Bank was linked with a possible bid for Afribank.