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 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.
Read More: New Search Fund Model of Private Equity for Small Business Acquisitions
