Of Special Interest
- Financial wellness affects half of peoples’ mental or physical health, finds report
- Study finds traditional financial institutions embrace Fintech disruption
- Grass is greener for environmentally friendly businesses, finds Barclays
- Prospective homeowners would consider a 40-year mortgage to escape renting, finds Santander
- Millennials’ needs are changing the face of banking industry, says new report
- FS is putting consumer data at risk by failing to protect mobile apps, says Arxan
- A lack of belief in their ability holds 28% women back in work, says Cambridge & Counties
- ‘Which?’ reveals Scotland has lost over a third of its bank branches in eight years
- Next downturn unlikely to be as bad as 2008, according to S&P
- FCA reveals findings from first cryptoassets consumer research
- US consumers favour single mobile app for banking and payments
- Banks suffering major IT shutdowns every day, ‘Which?’ reveals
- The US will be a key offshore centre in 2019, says GlobalData
- Debit industry changes markedly in 10 years of the Debit Issuer Study
- UK's ‘Big Five’ face ‘too big to compete’ as small challengers secure stellar returns
- Banks as vulnerable now as before crash, says new study
- Leverage ratio a constant conundrum for European and US banks, says SNL
23rd December 2011
IBM help for Kenyan banking
IBM announced it had entered into strategic agreements with Credit Bank, Co-operative Bank, Family Bank, National Bank of Kenya and National Industrial Credit Bank in Kenya. It is also working with Vodafone and Safaricom to provide the M-Pesa mobile wallet service which started in Kenya and now has 15m customers in East Africa.
IBM is working with the Kenyan banks in different ways and reports:
- Credit Bank and National Industrial Credit Bank have both opted for core banking systems from IBM. It is providing different consultancy, integration and maintenance services packages for the two banks.
- IBM supplied Co-Operative Bank with Power Systems servers as well as storage and software as part of a major overhaul of the bank's systems.
- The deals with Co-operative Bank of Kenya and National Bank of Kenya will help "support their expansion strategies and increase profitability".
- IBM is providing IT services, hardware and software to the National Bank of Kenya as the bank updates its business.
- Family Bank and IBM signed an agreement to support the bank's drive to reach new markets and launch new products and services. The bank's regional expansion plan, alongside its introduction of new services such as mobile banking and mortgage facilities, has led the firm to transform its IT systems ahead of a planned listing on the Nairobi Stock Exchange in 2012.
IBM reports similar deals with more than 15 other banks in Africa.