Vista Group a growing regional lender building itself into a world class pan-African financial institution, has partnered with Temenos, an established banking software company, to power its digital transformation journey.
In a statement issued this week, Vista Bank confirmed that it is transforming its IT systems using Temenos Infinity, a breakthrough digital front office platform and Temenos T24 Transact, a system that has been described as the next generation in core banking.
Vista Group was established following the acquisition of First International Bank (FIB) Group in 2015 by the US based investment fund, Lilium Capital. By implementing the Temenos software, the bank will be able to introduce new products and services more quickly, support its growth ambitions and continue to pursue its vision of becoming the financial institution of choice through innovative banking in its respective markets.
It will also enable the bank to offer market-leading services to its customers through enhanced digital channels whilst meeting its customers’ increasing expectations for enhanced functionality, products and services when conducting their banking transactions.
Currently operating through a network of 43 branches across Sierra Leone, Guinea and The Gambia, the group’s goal is to expand its footprint into the West African Monetary Union and the Central African market, targeting a presence in 15 countries by 2025.
Vista Bank has entered into strategic partnerships with global institutions to drive its growth strategy in SME banking, leasing, women’s business banking, meso-finance loans and supply chain finance in addition to expanding its consumer banking operations.
The bank will leverage Temenos’ global expertise and 25 years of experience in providing integrated, scalable packaged software, as well as Temenos’ commitment to invest 20% of revenues into research and development every year, which is the highest in the industry.
“As a challenger bank, we are investing in our technology to ensure that we provide cutting edge products and services to our customers,” said Vista Bank Group Chairman at Vista Bank, Simon Tiemtore.
“With Temenos’ market-leading, cloud-agnostic, cloud-agnostic technology the bank will be in an ideal position to meet their commitment of providing cutting-edge digital banking solutions, as well as innovative products and services, aimed at satisfying the unique needs of their customers,” said Temenos Managing Director for The Middle East and Afric, Jean-Paul Mergeai.
“This partnership further strengthens Temenos’ longstanding presence in West Africa where for years our real-time and scalable banking software has been helping financial institutions address their evolving customer demands and regulatory requirements. We look forward to working with Vista Bank as it transforms the services that it offers to its customers,” he concluded.