Sterling Bank completes Temenos IT transformation project

17 Nov 2016
Financial Nigeria

Summary

The bank went live with an ambitious 'Big Bang Approach' across all its 185 branches simultaneously, allowing the whole business to benefit from the new technology in the quickest time frame.

Sterling Bank CEO Yemi Adeola

Temenos, the software specialist for banking and finance, announced today that Sterling Bank Plc has successfully gone live with Temenos UniversalSuite.

Sterling Bank, "the one-customer bank" is a full-service commercial bank, which has been serving Nigerian customers for over 50 years. Its asset base exceeds N890 billion and its shareholders' funds are above N82 billion.

The Nigerian bank offers both retail and corporate banking services to more than 1.4 million customers.

The bank's move to replace its existing legacy systems with Temenos core banking solution will support ambitious growth plans, including reaching customers in new geographical locations and improving its ability to bring new products to market.

The bank went live with an ambitious 'Big Bang Approach' across all its 185 branches simultaneously, allowing the whole business to benefit from the new technology in the quickest time frame.

Jean Paul Mergeai, Regional Director at Temenos commented: "We are very pleased with Sterling Bank's trust in our products and services which will enable the bank to execute its growth plans – attracting new niche customers and expanding regional operations.”

Yemi Adeola, CEO at Sterling Bank, commented: "Technology has become the backbone of the global banking system today and as an institution, we are committed to continuously making the necessary investments to ensure we deliver the one-customer experience to all our customers. Our choice of Temenos is founded on their impressive track record and reliable service delivery; a trait synonymous with the core values we hold dear".

In over 55 years of service, Sterling Bank has evolved from the nation's pre-eminent investment banking institution to a fully-fledged commercial bank. The bank is one of the top 30 most capitalized institutions on the Nigerian Stock Exchange.


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