Bank of Kigali - Afrikan Heroes

Bank of Kigali Completes Core Modernization with Temenos

February 24, 2022

Rwanda’s largest bank, Bank of Kigali has completed a core modernization process with Temenos, the banking software company. With this development, Bank of Kigali has replaced its core banking system with Temenos’ open platform for composable banking that allows the bank to break free from legacy constraints and accelerate its digital transformation.

Bank of Kigali can now quickly expand its digital channels and engagement to deliver faster, smarter customer experiences. Powered by Temenos, Bank of Kigali aims to double its retail and SME customer base to over one million in the next year through increased automation and new digital services such as payroll loans and enhanced mobile offerings.

The Temenos platform, including the Financial Crime Mitigation (FCM) solution, was implemented by Temenos partners Inlaks and MCB Consulting. With integrated core banking and data management capabilities, the bank can deliver a smooth customer experience with controlled risk.

Dr. Diane Karusisi, Chief Executive Officer, Bank of Kigali, commented: “We are delighted to be live on Temenos, the modern technology platform of choice for banks worldwide. Temenos is crucial to our vision of giving anyone, anywhere, the best customer experience through digital and retaining our position as the leader in the country. We also benefit from a wealth of insight and information on banks worldwide as part of the Temenos Value Benchmark that helps us understand, accelerate, and optimize the business value created by our technology investment. I commend our staff and the support of Temenos, Inlaks and MCBC for their hard work in ensuring this go-live went as planned despite all the constraints brought by COVID-19 in the past two years. We can now propel our product innovation and lead the way in digital financial services while benefiting from increased automation to achieve operational efficiency.”

Jean-Paul Mergeai, President EMEA – APAC, Temenos, said: “Congratulations to the team at Bank of Kigali. The go-live on Temenos is a major milestone for the bank and its customers. Rwanda has “bet big” on digitization to accelerate growth and reduce poverty with some of the highest rates of coverage for mobile broadband on the continent. Bank of Kigali has similarly bold ambitions for digital transformation to improve the financial lives of all Rwandans. A modern banking platform is vital to thrive in the world of instant, always-on digital banking and Temenos is proud to support the bank to realize its vision.”

Kyari Bukar, CEO, African Operations, Inlaks, added: “As a Temenos partner, we have built our expertise and reputation supporting the growth and digital advancement of core banking operations in the East African region and beyond. Bank of Kigali will benefit immensely from the implementation as the automation of its banking processes will strengthen the effectiveness and performance of its core banking system. Kigali is a key growth market and Inlaks is fully committed to working as a trusted partner with the bank now and into the future”.

Jean-Michel Félix, CEO of MCB Consulting, added: “Congratulations to the whole team of Bank of Kigali, who worked tirelessly and brilliantly to go live on Temenos core banking system. This upgrade is a major shift for Bank of Kigali and quite a milestone, which will undeniably be instrumental in the bank’s growth as it expands its business over time and develops new activities for its customers. Bank of Kigali is grooming itself to be a state-of-the-art bank as part of its digital transformation program. As a trusted and long-standing partner of Temenos, we are honored to have accompanied the bank over the past two years, and particularly on a remote basis during the pandemic, leading to this successful go-live.”

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Mauritius Commercial Bank Partners Bank of Kigali on $ 20 Million Loan Facility

July 29, 2021

The Mauritius Commercial Bank Limited (MCB) has signed a Memorandum of Understanding (MoU) with the Bank of Kigali Plc for a $ 20 million loan to provide additional liquidity to Bank of Kigali Plc over a 1-2 year period, to facilitate execution of its lending strategy. Despite the challenging market conditions, Bank of Kigali Plc maintains strong financial performance and continues to attract the support of financial institutions, showcasing investors’ confidence in the bank.

The loan proceeds will be used mostly to fund their general corporate projects. Bank of Kigali Plc remains a systemically important bank in Rwanda and injection of the funds into the economy will likely boost growth and development.

This transaction is one among the many partnership areas MCB and Bank of Kigali Plc have had over the years. The two institutions have established an excellent relationship and the interactions span across various spectrums of normal banking activities and more specialised advisory services around Capital Markets and Consulting.

“The USD 20M term loan from The Mauritius Commercial Bank Limited will increase Bank of Kigali’s liquidity and support our efforts in financing the economic recovery of our customers who have been affected by the Covid-19 pandemic, especially Small and Medium Enterprises.” said Dr. Diane Karusisi, Bank of Kigali CEO.

Alain Law Min, CEO, MCB Ltd: “I am confident that the USD 20M term loan from MCB will greatly help Bank of Kigali’s endeavours to support the local entrepreneurs in their effort to build back the local economy. I am also pleased that this transaction will further strengthen the long standing relationship between our respective organisations.”

Anbar Jowaheer, Head of Financial Institutions and Syndication confirms that: “At MCB, and as an African Bank, we are proud to support other African Financial Institutions in accelerating their growth strategy through our Bank of Banks initiative. As a proactive partner, we are committed to uphold strategic collaboration with our African clients.”

MCB, with a standing of more than 183 years, remains a key player within the African landscape. It has subsidiaries and Representative Offices across the continent, along with a broad network of African correspondent banks.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Banks, Fintechs Partnership to Accelerate Digital Banking Transformation in Africa

July 6, 2021

Obinna Ukwuani, Chief Digital Officer, Bank of Kigali

The partnership between banks and fintech’s will not only help reach more customers but also build financial literacy amongst consumers. This was the unanimous agreement at a webinar discussion hosted by TagPay and moderated by Omar Ben Yedder from African Banker; Yves Eonnet (TagPay), Djiba Diallo (Ecobank Group), Obinna Ukwuani (Bank of Kigali) and Carl Manlan (VISA), discussed how the digitalization of banks is a huge opportunity across Africa and partnerships with fintech would address the challenges of financial inclusion and the rapid scaling up that is needed across the continent.

Banks have to be equipped with the tools that enable them to pre-empt the market and respond quickly to customer demands in a secure and cost-effective way.

For the banks to stay relevant Djiba Diallo, Senior Fintech Advisor, Ecobank Group said that it is important to understand fintechs and leverage the opportunities. Banks are still there and still needed but need to adapt to what is happening on the continent and partnering with fintech companies is key to doing that.

Many banks are partnering with Fintech companies to help them digitalize, enabling them to expand their services and reach more customers at the same time.

Obinna Ukwuani, Chief Digital Officer, Bank of Kigali said, “We see digital transformation as a necessity, so the bank has invested in transitioning the bank into this new era”. All companies are becoming technology companies, whether a bank or not”.

Cash currently leads the way in the majority of Africa, but to increase financial inclusion, which is increasing already through financial technology, digital banking will need to have continued growth.

Financial inclusion also enables banks to feed new businesses and entrepreneurs, and hence builds the economy at the same time. Using the technology of mobile telephones, digital banking will have a significant role to play now and in the future.

Carl Manlan, Vice President, Head of Social Impact, CEMEA, VISA said, “Because we are cash dependent the opportunity to introduce digital payments to help promote financial inclusion is critical and to that we need to ensure that there is adequate financial literacy and skills building along the way to make it work for more people.”

Partnership between banks and fintech’s will not only help reach more customers but also build financial literacy amongst consumers. In addition, the industry will need to develop talent and skills, and this can be done across Africa ensuring the industry continues to grow.

Banks no longer see Fintech’s as disruptors but partners. More often, as a key part of their business with a shared responsibility for delivering to customers, banks are going into a new world and need new platforms, new technology and a new architecture, the old core banking system is being surpassed and a new core banking system is needed.

FinTech’s will help banks provide a better service to customers, working together and within the same regulatory framework. Digital banking helps with financial inclusion and formalizing the economy and banks, globally, need to react to the digital revolution and customer demand.

Yves Eonnet, Chairman of TagPay, summed up the event by saying, “The time we are entering is very exciting for us [FinTech’s] and for you [banks].” “The expertise that we have opens up banks to new ventures and new capabilities, especially due to the low cost and speed of deployment.”

“Systems are designed to target new customers, financial inclusion, or new sectors that are poorly served. This is exciting in Africa because this for me, is the beginning of a new era for banks, and all banks in the world are looking at what is happening in Africa.

Because in Africa you have this situation, which is unique, with the financial inclusion issue where banks need to attract new customers, therefore you have customers to serve, have the technology to do it, have the dynamism of the culture that makes it possible and that is where we are to build the bank of the future. I often say the Silicon Valley of banking is not in California but in Africa, it is where it is happening.”

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry