Sombank Selects Temenos Cloud-Native Technology to Deliver Digital Islamic Banking Services in Somalia
Sombank selects Temenos Islamic Banking (www.Temenos.com) to create innovative financial products to help with the country’s economic growth, leveraging the market-leading capabilities of Temenos Infinity and Temenos Transact; Temenos cloud platform will enable Sombank to reduce time and cost in deploying digital banking products designed to increase access to financial services to all Somali speaking populations; Temenos technology will enable Sombank to accelerate digital transformation and offer a unified banking experience to customers in branch and online.
Temenos (SIX: TEMN), the banking software company, today announced that Sombank, a privately owned Islamic bank in Somalia, has selected the Temenos Islamic Banking solution in the cloud to accelerate its digital transformation and create innovative products to increase access to financial services in Somalia.
Sombank will implement the full front-to-back Temenos Islamic Banking platform combining the market-leading capabilities of Temenos Infinity and Temenos Transact. The platform’s scalable innovative technology provides superior features for lslamic banks to offer their customers Shari’ah compliant products and the best digital experience. The cloud-native solution will enable Sombank to design and launch customized digital products more quickly while also reducing its operating costs.
Financial inclusion is core to Sombank’s mission. Temenos’ cloud-native technology will allow Sombank to create innovative digital products and offer lower cost services that are more accessible to all Somalians via a mobile device, including current and savings accounts for individuals and small businesses as well as the latest mobile money products.
A recent report (https://bit.ly/3izoMnk) produced for Temenos by the Economist Intelligence Unit found that Governments across the Middle East and Africa regions are increasingly embracing digital agendas to encourage financial inclusion and accelerate digital banking and a cashless economy. According to the report, smart phone use expected to hit 74% in the region by 2025 and the affordability of smartphones is a key driver in the development of mobile-only and mobile-first banks.
Currently, Sombank serves customers via branch and online network and representative offices throughout Somalia. Sombank will use the Temenos Infinity digital front office to create a unified customer experience for all financial and non-financial services across all channels, helping its staff serve customers faster in branch and online.
Mr. Garad Khalif. Nor, CEO, SomBank, stated: “We are excited to partner with Temenos to deliver next-generation digital experiences to Somalian customers. We selected Temenos because of its worldwide reputation, cutting-edge technology, and regional expertise in Africa. While we are a relatively new bank, Sombank has big ambitions to play a significant role in rebuilding the country’s financial infrastructure by improving access to financial services throughout Somalia and beyond. Implementing the Temenos banking platform in the cloud will allow us to achieve rapid time to value for new digital products and the cost savings to fulfil this vision.”
Jean-Paul Mergeai, Managing Director – Middle-East & Africa, Temenos, commented: “We are delighted that Sombank has selected Temenos Islamic Banking to advance its digital banking strategy. Temenos has a strong presence in Africa and a track record helping Islamic Banks with their digital transformation. For over 20 years, Temenos has been empowering the Islamic finance community with flexible and innovative Shari’ah compliant solutions that are specifically designed to improve customer experiences. Sombank has challenged itself to be the leading Islamic Bank in the region and this implementation is a big step forward as it embarks on this exciting new phase of its journey.”
Distributed by APO Group on behalf of Temenos.
Jessica Wolfe & Grace Collins
Temenos Global Public Relations
Tel: +1 610 232 2793 & + 44 20 7423 3969
Alistair Kellie & Andrew Adie
Newgate Communications on behalf of Temenos
Tel: +44 20 7680 6550
SOMBANK (www.SOMBANK.so) is fully-fledged Shari’ah compliant bank approved by the Central Bank of Somalia (CBS) offering banking services on a complete Shari’ah system. SOMBANK launched on 15 July 2019 in Garowe, Somalia. It has a strong partnership with its sister Company of Tawakal Express. This means that it is in a position to tap into a large customer base, which is already in place, and to draw on the expertise its sister Company had amassed through its many years in the financial sector in Somalia. SOMBANK had already made significant investment in fixed assets in Somalia in the form of Commercial Buildings developed in the Capital Mogadishu, Garowe, Galkacyo, Galdogob, Bosasso and many more such investments are planned.
Temenos AG (SIX: TEMN) (www.Temenos.com) is the world’s leader in banking software. Over 3,000 banks across the globe, including 41 of the top 50 banks, rely on Temenos to process both the daily transactions and client interactions of more than 500 million banking customers. Temenos offers cloud-native, cloud-agnostic and AI-driven front office, core banking, payments and fund administration software enabling banks to deliver frictionless, omnichannel customer experiences and gain operational excellence.
Temenos software is proven to enable its top-performing clients to achieve cost-income ratios of 26.8% half the industry average and returns on equity of 29%, three times the industry average. These clients also invest 51% of their IT budget on growth and innovation versus maintenance, which is double the industry average, proving the banks’ IT investment is adding tangible value to their business.
For more information, please visit www.Temenos.com.
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