Global IT services provider IBM has signed
contracts with five of Kenya’s largest banks as mobile money
expands in the country’s banking sector.
Credit Bank, Co-operative Bank, Family Bank,
National Bank of Kenya and National Industrial Credit Bank
(NIC) have signed agreements with IBM.
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The agreements are among more than 20 similar
deals that IBM has signed with banks across Africa in 2011, in line
with the rapid growth of the financial services sector
in the African banking market.
The deal entails IBM supplying the Co-Operative Bank with
power systems as well as storage and software – as part of a major
overhaul – while IBM’s work with the National Bank of Kenya
will include provisions of IT services, hardware as well as
software.
IBM has signed an agreement with Family Bank to support the
lender’s drive to reach new markets and launch new products and
services.
IBM will provide Credit Bank with new core banking system
to enable it to rethink business processes and improve operational
efficiency, and IBM will provide hardware, software, as well as
consultancy and services for the implementation, integration and
maintenance of the new system.
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By GlobalDataNIC Bank plans to use IBM technologies to help streamline the
bank’s core banking processes and integrate its existing IT
solutions to drive operational efficiencies and improve customer
service.
It is estimated that Africa’s financial
services industry is currently worth over $100bn and will continue
to experience double-digit growth over the next decade, with retail
banking currently being the fastest growing segment.
Anthony Mwai, county general manager, IBM East Africa, said,
“Africa is currently experiencing strong uptake in banking services
in line with the growth of the continent’s middle class and the
adoption of mobile and internet banking.
“Advanced technologies are helping to drive a wave of innovation
across the African financial services sector as banks create new
and accessible banking channels and take banking services to
previously unbanked parts of society.”
In early 2011, IBM announced details of other banking deals with
the Commercial Bank of Ethiopia and the National Microfinance Bank
of Tanzania.
IBM is also helping Kenyan mobile operator,
Safaricom, to provide its M-Pesa mobile money services to more than
15m customers. IBM expects up to 30% of its global revenue to come
from emerging markets like Africa by 2015.
