IBS Journal December 2015


11 years on, CBB finally completes Temenos’ T24 core system overhaul


Ethiopia-based Construction & Business Bank (CBB) has officially inaugurated Te- menos’ T24 core banking system, 11 years after announcing the first bid. The state-owned bank’s project –


known as the Banking Software Selection Implementation (BSSI) – had its first bid back in October 2004 and was plagued by problems. The first attempt attracted ten bidders,


including Temenos, but the nine others failed the technical evaluation and so CBB cancelled it. In November 2006 the second bid was


also cancelled, as the Public Financial Insti- tutions Supervision Agency required the bank to hire a consultant to oversee the process and performance. Due to this demand, CBB scrapped the


bid and went for third time lucky in August 2009. It hired another state entity, the Infor-


mation Network Security Agency, to do the consultancy work and develop the infra-


structure. The last tender saw six bidders com-


peting, leading to a shortlist of three com- panies, with Temenos finally winning the contract. The project had four parts: IT infra-


structure deployment, core banking imple- mentation, data migration and cleansing, and the card system implementation. The bank says T24 interfaces with the


national payment system at the central bank, known as the Ethiopian Automat- ed Transfer Switch (last year BPC Banking Technologies won the contract to develop this new platform). This will allow CBB cus- tomers to trade on the Ethiopian Commod- ities Exchange. With the implementation ‘officially’


completed, CBB reveals that it took five years of processing and six years for imple- mentation of the project. It says a ‘lack of skilled manpower, work


overload, problems with the core bank- ing solution in the implementation phase


were to blame for the long process’. The bank even suffered a lack of electric power, which it fixed by purchasing generators for its branches.


Antony Peyton Addis Ababa, Ethiopia © Mattias Kiel Nielsen, Wikipedia


Central Securities Clearing System opts for TCS Bancs’ clearing and settlement platform


Central Securities Clearing System (CSCS), the central securities depository, clearing and settlement entity for the Nigerian cap- ital market and Nigerian Stock Exchange (NSE), has selected TCS Bancs from TCS Financial Solutions to replace its legacy Nasdaq clearing and settlement platform. Kyari Bukar, MD and CEO of CSCS, hopes this deal ‘will deliver far-reaching benefits to the Nigerian capital markets as a whole’. He also comments that there is an increased interest in creating a strong regional marketplace through linking post-trade services. Bukar says the selection process last-


ed one year and the first round consisted of six vendors. These included TCS, Nas- daq, CMA Small Systems, MillenniumIT, Perago and Parsifal. These six were narrowed down to


14


three – TCS, Nasdaq and CMA – where the TCS platform ‘stood out as it was the most forward looking, the most robust and had the most functionality.’ TCS also took CSCS to see its project


at the Kuwait Clearing Company in June 2015. Here, CSCS was able to witness how a project is implemented, a visit which Bukar described as ‘most valuable’. The official start date of the project was


1st December 2015, but Bukar says CSCS has already acquired the hardware and data- base (IBM DB2); and the project managers are in place. Some will be in-house but oth- ers will be provided by Accenture. He says the go-live is planned for the


last quarter of 2016. Also, in a separate interview with


IBS Journal, Vivekanand Ramgopal, vice- president at Tata Consultancy Services,


© IBS Intelligence 2015 www.ibsintelligence.com


says: ‘Nigeria is undergoing a digital trans- formation and that dictates the time- frame. By the end of 2016 or early 2017, we can see the results of this project and see what happens next in the country.’ He says that this is a business-driv-


en project with Bukar, as the CEO, leading and driving it. Ramgopal adds: ‘Because CSCS is a


smaller company, we can get easy access to the CEO and so we have all communi- cated well.’ The Nigerian trading and capital


markets industry has been undergoing modernisation over the last few years. NSE went through a technology over- haul, ousting the legacy Horizon trading software platform in favour of Nasdaq’s X-Stream.


Antony Peyton


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