CORE DIGITAL PLATFORM
African Bank transactional system on track
CEO Brian Riley says the full digital platform roll-out is expected within the first quarter of 2018
African Bank’s core transactional banking system is fully operational, with a roll-out expected within the first quarter of 2018. Presenting the bank’s results for the six months to end-March 2017, CEO Brian Riley said on Tuesday that the core digital transactional banking platform was fully operational on a closed user-group basis, with the user interface technology layer under development. Gavin Jones, head of treasury and balance-sheet management, said the bank, which came out of curatorship in April 2016, was well capitalised for the move. "The bank started on April 4 [2016] with R10bn in capital," he said. This was provided by the Reserve Bank, the Public Investment Corporation and a consortium of the six largest banks. However, questions have arisen about when the consortium could exit the bank. "Capital is not a loan; it’s not a question of paying back," said Jones. "This transaction [the consortium taking a 25% share in African Bank] was specifically approved by the Competit...
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