The National Bank of Rwanda has unveiled a new core banking system that is tipped to enhance the bank’s operations security and service delivery.
T24 core banking system is part of the central bank’s Information Communication Technology (ICT) department modernisation programme, John Rwangombwa, the governor of the National Bank of Rwanda, said in a statement on Monday. He added that the project started in 2011 with the Rwanda’s Payments and Processing Systems (RIPPS), Regional Payment Processing System (REPPS) and a modern data centre.
The central bank was early this year hit by fraudsters, who hacked into its systems and stole over Rwf63m, according the bank and Police.
“This new system is being implemented with another one called Oracle e-Business Suite Enterprise Resource Planning that went live on February 28. The two systems will positively impact operations at BNR and those of stakeholders by improving customer service delivery, enhancing security and internal controls and facilitating real time data and reporting with business intelligence,” Rwangombwa explained.
According to Rwangombwa, the new technology will also boost trade and finance and management of foreign exchange, banks and government accounts. It is also expected to improve management of external payment processing, treasury and securities, financial and accounting and the supply chain, among others roles. The hi-tech system will also enable full integration with stakeholder organisations at national and international levels and eliminate manual or semi-manual operations, the central bank added.
The installation of the two systems was done by the supplier, TEMENOS, and BNR staff, according to the bank.
A new survey of fraud, “Global Profiles of a Fraudster; White collar Crime–present and future” released last month in Kigali by KPMG, a global audit, tax and advisory services firm, indicates that weak ICT systems are one of the reasons fraud is increasing in the local banking sector.