Temenos, 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. This 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.
Sombank will implement the full front-to-back Temenos Islamic Banking platform combining the capabilities of Temenos Infinity and Temenos Transact. The platform’s technology provides features for lslamic banks to offer their customers Shari’ah compliant products and a comprehensive digital experience.
Financial inclusion is core to Sombank’s mission and the cloud-native technology will allow the company to 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.
Mr. Garad Khalif. Nor, CEO, SomBank, explained, “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.”
A recent report 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, smartphone 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.