Consolidated Bank Ghana (CBG) has tapped Temenos T24 Transact to power its operations for retail and corporate banking.
Temenos’ core banking platform hopes to provide CBG with operational efficiency and lower its cost-income ratio. It also aims to support financial inclusion in Ghana.
Daniel Addo, CEO of 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.
“Temenos has the blueprint for advanced cloud-native, cloud-agnostic core architecture. This 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. We will be able to provide a simple, secure and differentiated banking experience to our customers.”
In September 2017, the central bank issued a directive raising the minimum capital requirements for all universal banks in Ghana. These requirements changed from 120m Cedis ($22.8m) to 400m Cedis ($73.4m).
As a result, larger banks have emerged to transform the landscape and improve efforts to foster financial inclusion.
Jean-Paul Mergeai, Managing Director, Middle East and Africa, Temenos, said: “We are delighted to partner with Consolidated Bank Ghana Limited. 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 the positive outcome of this key relationship with CBG as we continue to move towards digital transformation and financial inclusion.”
CBG formed in 2018 from the selected assets and liabilities of five insolvent Ghanaian banks. These included Sovereign, BEIGE, Royal, Construction and uniBank with the subsequent inclusion of Heritage and Premium Bank.
It is Ghana’s second largest bank, with 114 branches, 119 ATMs and around one million customers.