Tanzania's leading bank revamps its central banking infrastructure for targeted expansion across the region
In a significant move, Tanzania's largest bank by assets, CRDB Bank, has migrated its core banking system from Fusion Banking Essence to Temenos T24. This transition is a strategic step towards modernizing the bank's technology backbone and positioning itself for expansion, both within East Africa and beyond.
The migration, completed in the first weekend of September, was a crucial part of CRDB Bank's expansion plans, as outlined by its CEO, Abdulmajid Nsekela. The upgraded platform now supports transactions in multiple languages and currencies, including Swahili, English, French, Kirundi, and Arabic, making it well-equipped to serve a diverse clientele.
The decision to migrate was driven by the need to keep pace with regional competitors and prepare for expansion outside East Africa. CRDB Bank's expansion into Dubai is expected to target diaspora remittances and trade finance between the Gulf and East Africa. The bank anticipates serving both diaspora and cross-border clients in the United Arab Emirates city.
However, the migration process was not without its challenges. CRDB Bank encountered some glitches during the 72-hour migration exercise, with customers reporting discrepancies in account balances. The glitches were attributed to large data transfers between the systems during the migration. Despite these hiccups, the bank is working diligently to rectify any issues and ensure a smooth transition for its customers.
CRDB Bank is not alone in its modernization efforts. East African lenders, including KCB Group, Stanbic Bank, and others, are also adopting systems like Temenos T24 for multi-market operations. This shift towards advanced technology platforms is part of a wider financial sector reform initiative spearheaded by the Bank of Tanzania.
The adoption of Temenos T24 positions CRDB Bank to compete for corporate clients and cross-border business. The platform, built by Swiss technology company Temenos, is a front-to-back core banking platform used by a growing list of African lenders.
Meanwhile, Africa's tech and business leaders will gather in Lagos on October 15-16 for the Moonshot event. This event, hosted by a specific website, will feature Africa's top founders, creatives, and tech leaders, providing a platform for discussions on the future of Africa's digital economy.
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