New bank in Tanzania invests heavily in ICT systems
Traditionally Africa’s banks have been slow to upgrade their internal processes using ICT. But for any new entrant coming into the market, the implementation of ICT systems is a real “no-brainer”: less people-heavy systems give a more competitive advantage. One of Tanzania’s newest banks – Bank M – announced last week that it has invested over 1.5bn/- in IT and acquired latest technology in banking solutions.
Bank M Communications Director Johnson Mshana said the new bank looked at technology as the backbone of the financial services industry. Bank M Head of ICT and Special Projects Rifat Somji said that the bank was impressed with the product range and flexibility as well as the commitment of the suppliers of the technologies.
“All our suppliers are reputable global leaders in their respective fields and availability of service support provided by the firms’ regional centers assures us of sustained service support whenever needed,” he said.
He said among latest technology acquired by the bank include Flexcube – a banking product suite for retail, consumer, corporate, internet banking, asset management and investor servicing.