Zenith Bank overhauls core banking tech with Misys Fusionbanking
Nigeria-based Zenith Bank is standardising its core banking software group-wide on Misys’ Fusionbanking Essence platform.
The implementation is underway. It is being carried out by USL, a local system integrator and Misys’ partner.
According to Francis Chukwunyem, CIO of Zenith Bank, USL’s understanding of the bank’s needs, its local support and relationship with Misys were “major factors” in choosing Fusionbanking as the bank’s “core platform for the future”.
The deal was finalised in November 2015.
It was the largest deal in Misys history at the time. Sources on the ground reported a hefty figure of $38 million to Banking Technology. The vendor declined to comment on any financials.
Zenith Bank opted to renovate and standardise its front-to-back office technology with Misys’ software, including lending and deposits, payments, digital channels and teller operations.
Starting at the bank’s home market of Nigeria (where it has 500+ branches), the implementation will span group-wide – Ghana, Sierra Leone, Gambia and the UK.
At present, Zenith Bank uses the Ethix core banking system from regional vendor ITS. In the UK, Zenith Bank has Temenos’ T24. These will be replaced by Misys’ core system.
A decade or so ago, Zenith Bank attempted to implement T24 in Nigeria but the project failed.
Misys and Zenith Bank already have an established relationship on the treasury and capital markets side: the vendor’s Fusioncapital Kondor system has been running at the bank for a number of years.