By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Newsunplug KenyaNewsunplug KenyaNewsunplug Kenya
  • News
    • Metro
    • Politics
    • Business
  • Entertainment
  • Lifestyle
  • Sports
  • Tech
  • Spotify
Reading: Co-op Bank migrates to Sh7bn Finacle system
Share
Notification Show More
Font ResizerAa
Newsunplug KenyaNewsunplug Kenya
Font ResizerAa
  • News
  • Entertainment
  • Lifestyle
  • Sports
  • Tech
  • Spotify
  • News
    • Metro
    • Politics
    • Business
  • Entertainment
  • Lifestyle
  • Sports
  • Tech
  • Spotify
Have an existing account? Sign In
Follow US
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
Newsunplug Kenya > Blog > Business > Co-op Bank migrates to Sh7bn Finacle system
Business

Co-op Bank migrates to Sh7bn Finacle system

hallanaija
Last updated: June 8, 2023 4:49 am
hallanaija
2 years ago
Share
Co-op Bank
SHARE

Co-operative Bank of Kenya will between Friday, June 9 and Monday, June 12, migrate its services to a new $50 million (Sh6.95 billion) platform that promises enhanced safety and higher transaction speeds.

The system, dubbed Finacle, has been in the works for the past four years and will allow Co-op to improve its banking system, enhance customer experience, cut downtime incidents and enhance transaction security.

Read: Co-op Bank raises Sh12.6bn for lending, capital

Core banking system is a back-end software that lenders use to manage their most critical processes such as connecting multiple branches to deliver operations such as loan management, withdrawals, deposits and payments real-time.

The new system was built by Infosys Limited—an Indian multinational IT company.

Co-op Bank

Co-op Bank told customers the migration that will take place between Friday, June 9 from 6:00pm and Monday, June 12 at 8.30am.

“We are pleased to announce that we are now ready to transition to our new and improved banking system, which will allow us to provide even better customer service,” said Co-op in a notice.

The lender will on Friday close its 184 branches at 3:00pm on Friday and remain closed all day Saturday for the transition.

READ MORE  Banks count on mediation to unlock Sh39bn tied in courts

Customers will, however, continue accessing core services such as ATMs, M-Co-op cash mobile banking, Co-op Kwa Jirani agent banking and credit and debit transactions in various locations where cards are normally used.

Read: 400000 farmers join Co-op Bank’s online marketplace

Co-op Bank managing director Gideon Muriuki said in the latest annual report the lender was undertaking a “new, modern and robust” core banking system change that will propel it to the “next growth frontier.”

Treasury to settle Sh61bn Kenya Airways loans
KICC earned Sh1.07 billion revenue in 6 months CS Mutua Says
Visa-free Kenya: Experts Speak In On Pros And Cons
Maersk is blamed by shippers for the proposed extra tax at Mombasa.
Safarilink cancels Kitale route citing bad business
Share This Article
Facebook Email Print
Previous Article equity Equity employees to buy shares at 50 cents
Next Article Burundi opposition Burundi suspends Agathon Rwasa’s main opposition party
Leave a Comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

about us

We influence 20 million users and is the number one business and technology news network on the planet.

Recent Posts

  • Club World Cup: Analysts weigh impact of FIFA competition on European clubs, others
  • Nairobi court acquits former OCS accused of aiding suspect to escape custody
  • Eldoret man confesses to selling bhang, tells court it is his only source of income
  • Dean Huijsen Earns Praise from Federico Valverde for Composure and Ball-Playing Ability
  • Guardiola Fumes as Controversial Refereeing Mars Manchester City’s Night

Recent Comments

No comments to show.
Newsunplug KenyaNewsunplug Kenya
© Newsunplug Kenya. All Rights Reserved.
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?