Sudan-based Africa and Gulf Bank has partnered up with Temenos to modernise its digital and core banking capabilities.
Founded in 2019, Africa and Gulf Bank commenced operations in 2021 after acquiring the Sudan-based branch of an undisclosed Gulf Corporation Council (GCC) bank. It offers Shariah-compliant banking and financial services to individuals, small and medium-sized enterprises (SMEs) and corporates.
The bank had previously signed up for Path Solutions’ iMAL Islamic core banking system in 2020. Path Solutions was acquired by Azentio Software the following year.
Leveraging Temenos’ cloud-based solution, the bank hopes to develop and launch new products more quickly for its retail and corporate customers in Sudan and overseas. In particular, it aims to develop a payments ecosystem that promotes digital payments and inward remittances in Sudan.
Qamber Al Mulla, chairman of Africa and Gulf Bank, explains that its roadmap includes enhancing its digital capabilities through the introduction of instant onboarding, automated AI-based approvals, straight-through-processing and digitised workflows.
“Replacing the core banking system with a cloud-native platform will improve our bank’s operational efficiency and allow us to introduce new products and services faster to market,” adds Nadeem Lodhi, CEO of Africa and Gulf Bank.
Among Temenos’ other clients in Africa are Arab Tunisian Bank, Egypt’s Midbank and ADCB Egypt, a subsidiary of Abu Dhabi Commercial Bank (ADCB).
Source : FinTech Futures
