National Bank of Kenya in core banking system upgrade
The changeover took place over the weekend, and all of National Bank’s branches remained closed for the upgrade. However, other channels, including ATMs, mobile, agents and merchants, were available, according to the bank.
The project is expected to result in “enhanced performance, flexibility and real-time interfaces”, National Bank says.
The bank originally signed to implement the Fusionbanking platform in 2011 (at the time, it was known as Bankfusion).
“Its integrated suite of components spans core processing, product factory, analytics, digital channels and branch applications,” the bank says.
National Bank’s MD and CEO, Wilfred Musau, hopes this upgrade will increase the bank’s operational efficiencies, improve compliance and risk management functionalities, and provide the bank with “an advanced banking platform”.
Also, the latest version of Fusionbanking comes with an Islamic banking module, “seamlessly integrated to the core banking system”, Musau adds.
National Bank uses Path Solutions’ iMAL core banking system for its Shari’ah-compliant banking business, Banking Technology understands. It signed for iMAL in 2013. It is not clear whether the Islamic finance functionality is going to be moved onto Finastra’s platform.
National Bank is also a user of Oracle FSS’s Flexcube Direct solution for internet banking.
National Bank is a universal financial institution, established in 1968. It is listed on the Nairobi Securities Exchange and is one of the largest banking players in the country, with a network of 80 branches and 124 ATMs. It has assets of over $1 billion and employs 1,000+ people.