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T24 News

GENEVA, Switzerland – 27 January 2011 - Temenos (SIX: TEMN), the global provider of banking software, today announced that Afribank Nigeria Plc, a leading retail banking institution in Nigeria, has upgraded its entire operational infrastructure with TEMENOS T24 (T24), across its 222 branches. The bank had been running its operations on Globus, Temenos’ previous core banking offering, since 2001 before opting to upgrade to T24 in February 2010 following a rigorous evaluation in which solutions from Infosys and Oracle were also assessed.Afribank embarked on the upgrade in response to wide spread market change in the Nigerian banking market, including increased regulatory requirements and demand for electronic banking products.

“This project is one of the smoothest implementations I have ever witnessed – delivered on time and budget with an enormous amount of support from everyone involved. We are already providing faster, improved services and 24x7 availability of electronic channels to our clients. As a fully upgradeable, integrated system, T24 provides end to end functionality to support our entire spectrum of operational requirements across the front, middle and back office which will play an integral role in boosting our service capability and leveraging more efficient, automated business processes”, commented Mr. Victor Oladapo, Head of IT, Afribank Plc.

Afribank also opted to implement Insight, Temenos’ fully integrated business intelligence suite specifically designed to meet a bank’s operational, risk and regulatory information management requirements. T24 was implemented by Temenos’ regional services partner Inlaks Computers, going live in January 2011. The deployment of Insight is currently underway and is due to go live in March 2011. “We are delighted to observe how Afribank is leveraging immediate value from T24, which not only demonstrates its complete support for large scale retail banking operations, but highlights the ease at which these types of organisations can cost effectively simplify their architectures and quickly begin to improve services for customers. We build our product in such a way to secure upgradeability to future releases which in turn ensures that our clients never face the issue of technology obsolescence. ”, commented Andreas Andreades, CEO, Temenos.

About Afribank Nigeria Plc.
Afribank Nigeria Plc is the parent company of the Afribank Group. The highly diversified financial group boasts of a full service commercial bank, Afribank Capital Market, an off-shore finance company in Dublin, Ireland, a stock broking company, an insurance brokerage company, a trustees and assets management company and an estate development company. The consistent growth of this financial super structure has continued to exemplify the Bank’s position as Nigeria’s “one-stop bank”. Afribank is a full service commercial bank that is committed to its corporate vision of becoming Nigeria’s foremost financial services group. To achieve this objective, the Bank shows an even stronger allegiance to its corporate mission of facilitating the success of its customers through the provision of world-class, one-stop financial services.
The strong asset of the Bank has continued to make it possible for it to play a major role in the national economy. In order to sustain its competitiveness as a financial conglomerate with global influence, the Bank allocates a significant percentage of its annual profit to the acquisition and adoption of information technology to its operations and the development of its manpower in Nigeria and abroad. Presently, all the over 250 business offices of the Bank are linked on-line- real-time.

About Temenos
Founded in 1993 and listed on the Swiss Stock Exchange (SIX: TEMN), Temenos Group AG is a global provider of banking software systems in the Retail, Corporate & Correspondent, Universal, Private, Islamic and Microfinance & Community banking markets. Headquartered in Geneva with more than 60 offices worldwide, Temenos serves over 1100 customers in more than 120 countries. Temenos’ software products provide advanced technology and rich functionality, incorporating best practice processes that leverage Temenos’ experience in over 600 implementations around the globe. Temenos’ advanced and automated implementation approach, provided by its strong Client Services organisation, ensures efficient and low-risk core banking platform migrations. Temenos is top of the IBS Sales League Table 2009; winner every year since its launch of the Best Core Banking Product in Banking Technology magazine’s Readers’ Choice Awards and ranks 26th in the American Banker top 100 FinTech companies Temenos customers are proven to be more profitable than their peers: data from The Banker – top 1000 banks shows that Temenos’ customers enjoy a 54% higher return on assets, a 62% higher return on capital and a cost/income ratio that is 7.2 points lower than non-Temenos customers.