Companies

Co-op Bank migrates to Sh7bn Finacle system

Thursday June 08 2023

Co-operative bank along Moi Avenue in Nairobi on January 25, 2023. PHOTO | LUCY WANJIRU | NMG

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

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“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.

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.”

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