Co-operative Bank of Kenya, Kenya’s third largest bank by assets, has completed its implementation of Misys BankFusion to aid its expansion plans.

The bank has reported a growth in profits of 31% to KSHS3.23bn ($4m), for the first quarter of 2013.

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Transaction processing throughput has doubled and end-of-day processing has improved by 40%, according to the bank.

Gideon Muriuki, group MD and CEO at Cooperative Bank of Kenya, said: "We evaluated several vendor offerings and none came close to the flexibility that BankFusion provides.

"We have ambitious growth plans to increase our market share in Kenya and also expand into new territories such as South Sudan.

Cooperative Bank of Kenya is among 70 banks who have adopted Misys BankFusion.

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Nadeem Syed, CEO at Misys, said: "Cooperative Bank of Kenya is operating in a highly competitive market, with international entrants disrupting the banking industry there.

"To create differentiation and capture further market share, the bank has taken a pioneering approach to technology adoption and was one of the first banks in Africa to embrace mobile banking.

"The go-live in Kenya has given Cooperative Bank of Kenya the confidence to launch operations in South Sudan, where it has already signed a contract to implement BankFusion."

The bank has 3.4m customers and is looking to grow this over the next twelve months by improving their customer service and branch network.

As well as replacing the core system, the bank has adopted the BankFusion Applications: BankFusion Teller, BankFusion Loan Origination and BankFusion Party from Misys.

Misys has strengthened its presence in East Africa by opening a regional office in Nairobi.

 

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