As part of the efforts aimed at building itself into a world-class pan-African financial institution specifically designed to meet the needs of retail and commercial customers, Africa’s based Vista Bank has chosen Temenos to power its Africa’s digital transformation and growth strategy.
The decision to partner with Temenos, a banking software company to power its digital transformation journey is for Vista Bank to transform its IT systems using Temenos Infinity, a breakthrough digital front office and Temenos T24 Transact, the next generation in core banking.
“Vista Bank chooses cloud-native, cloud-agnostic Temenos Infinity and Temenos T24 Transact to provide innovative, customer-centered banking services.. As part of these products, Vista Bank also has selected the Advanced Analytics and Reporting, Risk and Compliance modules as well as the Temenos Payments Hub product,” announced Simon Tiemtore, Group Chairman at Vista Bank in an email statement.
The statement added that Vista Bank conducted a rigorous competitive evaluation of solutions to replace its legacy IT systems. By implementing the Temenos software, the bank will be able to introduce new products and services more quickly, support its growth ambitions and continue to pursue its vision of becoming the financial institution of choice through innovative banking in its respective markets. It will also enable the bank to offer market-leading services to its customers through enhanced digital channels whilst meeting its customers’ increasing expectations for enhanced functionality, products and services when conducting their banking transactions.
The Temenos regional model bank approach, which includes pre-configured local functionality and best practices, will enable Vista Bank to cater to specific regulatory requirements during its expansion. Currently operating through a network of 43 branches across Sierra Leone, Guinea and The Gambia, the group’s goal is to expand its footprint into the West African Monetary Union and the Central African market, targeting a presence in 15 countries by 2025.
Vista Group was established following the acquisition of First International Bank (FIB) Group in 2015 by the US-based investment fund, Lilium Capital. Challenging the banking status quo, Vista Bank takes a customer-centric and innovative digital approach to meet the needs of its clients – from members of the public to SMEs.
Vista Bank has entered into strategic partnerships with global institutions to drive its growth strategy in SME banking, leasing, women’s business banking, meso-finance loans and supply chain finance in addition to expanding its consumer banking operations. The bank will leverage Temenos’ global expertise and 25 years of experience in providing integrated, scalable packaged software, as well as Temenos’ commitment to investing 20 percent of revenues into research and development every year, which is the highest in the industry.
