New banking technology for East Africans

A partnership agreement between various ICT companies are set to introduce core banking, mobile and card payment opportunities in East Africa, targeting the unbanked population.

Technology company Cornastone International Holdings (CIH) has partnered with IBM, UK-based Gresham Computing, New Zealand’s GFG Group Limited and Ethiopian SS Communications PLC to develop a core banking solution, specifically designed for small retail banks and financial institutions.

“The potential for core banking solutions in Africa, particularly in the mobile payments arena, motivated the four-way collaboration of technology specialists to develop these considerable market opportunities”, said Daryl Berg, managing director at CIH.

The solution, namely Clareti Banking from Gresham Computing, based on IBM’s i series platform, will tap into Africa’s immense banking potential, creating the logistics needed to develop this infrastructure in the Eastern parts of Africa.

As part of the agreement, CIH will collaborate with GFG Group and Gresham Computing PLC to supply, install and support their core banking technologies in Africa and the Middle East.

South African CIH is a 25% shareholder in ACI South Africa. The company is establishing a growing technology presence in East and West Africa, Mauritius and the United Arab Emirates in close collaboration with key in-country sales partners.

GFG Group an electronic, mobile payment and card management software supplier. The group has experienced growth in the Asia Pacific region and Latin America, and specialises in the provision of enabling technologies to developing markets.

Gresham Computing provides innovative software solutions for core banking, supply chain finance and virtual accounts. Its flagship technology, Clareti Banking, can be deployed in a variety of models, including on premise or hosted, and is ideal for small to medium retail banks, community banks and microfinance institutions.

SS Communications PLC pioneered the introduction of international card payment services to Ethiopia, and provides multi-level banking services within the Ethiopian banking sector.