Sombank has selected banking software company Temenos’ cloud-native Islamic banking solution to bolster its digital transformation.
The solution combines the capabilities of Temenos Infinity and Temenos Transact to provide Islamic banks with superior banking features.
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The bank will deploy the solution to create new products and increase access to financial services in Somalia.
Temenos enables Islamic banks to provide customers with Shariah-compliant products and digital banking experiences.
Temenos MENA MD Jean-Paul Mergeai said: “Temenos has a strong presence in Africa and a track record helping Islamic Banks with their digital transformation.
“Sombank has challenged itself to be the leading Islamic Bank in the region and this implementation is a big step forward as it embarks on this exciting new phase of its journey.”
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By GlobalDataThe tech vendor claims that ist technology will enable Sombank to create and launch customized digital products, faster and at a low cost.
The products offered by the bank will be accessible via a mobile device.
Sombank will offer current and savings accounts for individuals and businesses as well as the latest mobile money products.
The lender will also leverage Temenos Infinity digital front office to provide all financial and non-financial services together on all channels.
Sombank CEO Garad Khalif said: “While we are a relatively new bank, Sombank has big ambitions to play a significant role in rebuilding the country’s financial infrastructure by improving access to financial services throughout Somalia and beyond.
“Implementing the Temenos banking platform in the cloud will allow us to achieve rapid time to value for new digital products and the cost savings to fulfill this vision.”
