Stanbic Bank Kenya has announced a strategic partnership with Orion Innovation to modernise its core banking system. This move signifies a significant step towards a more digital future for the bank.

At the heart of this modernization effort lies Temenos, a cloud-based digital banking platform. By implementing this solution, Stanbic Bank Kenya aims to enhance customer experiences and deliver a wider range of innovative digital solutions.

This shift towards the cloud allows for greater scalability, flexibility, and agility, essential qualities in today’s ever-evolving financial landscape.

A Strategic Move for Growth

Joshua Oigara, CEO of Stanbic Bank Kenya and South Sudan, emphasises the importance of this technological upgrade. He acknowledges the crucial role it plays in the bank’s growth strategy within the increasingly digitised financial world.

“This upgrade adds to our technological capabilities and enables us to better serve our clients both on a local and global scale,” Mr. Oigara stated.

He further expressed his satisfaction with partnering with Orion Innovation, valuing their expertise and proven track record in driving successful system modernization projects.

A Complex Project: Streamlined Delivery

The modernization project itself is comprehensive. It involves upgrading the bank’s Transact application from version R17 to R23, migrating from TAFC to TAFJ, and managing over 90 integrations and 6,000 code conversions.

To ensure efficiency and accelerate the project timeline, Orion Innovation will leverage its test automation tools. This ensures a smoother transition and minimises potential disruptions.

Anoop Gala, Orion’s Global Head of Financial Services, shares his enthusiasm about the partnership. He highlights Orion’s commitment to fostering digital innovation within the African financial services sector.

This collaboration between Stanbic Bank Kenya and Orion Innovation signifies a positive step towards a more tech-driven future for banking in Kenya and the broader African region.

What to Expect?

Customers of Stanbic Bank Kenya can anticipate a more streamlined and user-friendly banking experience. The modernised system promises faster processing times, access to a wider range of digital services, and potentially even more competitive offerings.

Financial Solutions for Your Needs

Being part of the Standard Bank Group, Africa’s largest bank by assets, Stanbic Bank Kenya offers a robust range of financial products and services. Whether you’re an individual looking for a personal loan or a business seeking financing for growth, Stanbic Bank Kenya has solutions to fit your needs.

Opening an Account is Easy

The process of opening an account at Stanbic Bank Kenya is straightforward. You’ll need some basic documentation, such as a copy of your ID, proof of income, and a completed application form. For more details, visit their website or speak to a customer service representative.

A Legacy of Stability

Stanbic Bank Kenya boasts a long and stable history. Established in 1992 as part of the Standard Bank Group, they’ve grown to become a trusted financial institution in the region. Their listing on the Nairobi Securities Exchange (NSE) further demonstrates their commitment to transparency and accountability.

Safaricom Ethiopia Boosts Network with Local Telecom Towers

Competitive Rates and Strong Performance

Stanbic Bank Kenya offers competitive interest rates on savings accounts, ensuring your hard-earned money grows steadily. Additionally, their recent performance has been impressive,posting a modest net profit increase of 2.7% to Sh3.9 billion for Q1 2024 compared to the same period last year.

This was achieved despite a decline in operating income during the quarter. Stanbic’s net interest income also grew by a significant 18.5%, reaching Sh6.4 billion, driven by higher loan earnings.

While Kenya Commercial Bank (KCB) and Equity Bank Group currently hold a larger market share based on assets, Stanbic Bank Kenya offers a unique advantage: its global network.

As part of the Standard Bank Group, Stanbic Bank Kenya leverages expertise and resources from a leading pan-African banking group. This translates to a strong corporate and investment banking (CIB) business, providing valuable solutions for businesses with international connections.

Stay tuned for further updates as Stanbic Bank Kenya embarks on this exciting journey towards a more digital future.