Cooperative Bank of Kenya fuels African expansion with Misys core banking tools
Cooperative Bank of Kenya says that a core systems replacement has helped it double its transaction processing throughput as it plans an ambitious expansion in sub-Saharan Africa.
The bank has has implemented the Misys BankFusion core banking platform and adopted new front-office products from the vendor, including BankFusion Teller, BankFusion Loan Origination and BankFusion Party, which is designed to provide a single view of the customer. In total, the bank says that it has increased profitability by 31% using the new tools.
“Misys BankFusion is the most innovative and technologically advanced core banking platform on the market,” said Gideon Muriuki, group managing director and chief executive at Cooperative Bank of Kenya. “We evaluated several vendor offerings and none came close to the flexibility that BankFusion provides. We have ambitious growth plans to increase our market share in Kenya and also expand into new territories such as South Sudan. We are confident that the combination of Misys BankFusion core banking system, and the new BankFusion Applications in the front office, will accelerate our ability to grow.”
Founded in 1965, the Cooperative Bank of Kenya went public and was listed in December 2008 – meaning it is no longer a true cooperative owned by members, but now exists as a listed company, with obligations to shareholders. The bank has 3.4 million customers and is planning to grow over the next year by expanding its branch network.