Zimbabwe’s NMB Bank has migrated to a new core banking system, the Temenos T24 model, with international IT solutions company, Sofgen Holdings, having provided the offering.

NMB Bank is a fast growing commercial bank offering a wide range of financial products and services targeting the retail and corporate markets in Zimbabwe.

Sofgen said on Wednesday that the project to change NMB Bank’s banking system was multifaceted, as it comprises of an upgrade of the bank’s system from version G12 of GLOBUS to R10 of T24. It also incorporates migration from multi-company accounting to multi-book.

"We needed to update our core banking system to support future growth and diversification," said, Benson Ndachena, chief financial officer at NMB Bank.

"The SOFGEN and NMB Bank teams worked together tirelessly to ensure that the project was successfully delivered. This has paid dividends as evidenced by the smooth transition," he added.

Tunde Oladele, the chief executive officer of Sofgen Africa said he was pleased that the project to migrate NMB Bank’s system to a new platform had been completed.

"We received tremendous support from Temenos, which was invaluable. This is yet another project where teamwork between Temenos and Sofgen has resulted in mutual success," he added.