Repositioning Banking Sector: CBN Focuses on IT Deployment
- By Abimbola Tooki
- Published October 11th, 2010
- ITWorld
- Unrated
AS part of efforts top transform the Nigerian banking sector, the Central Bank of Nigeria (CBN) is currently re-energising its information technology infrastructure to ensure efficiency in its supervisory role of the nation’s banking sector.
To this end Sanusi Lamido Sanusi, governor of CBN, has silently turned to develop the apex bank’s infrastructure under which the new vision of the bank can be realized; starting with the IT platform under which the bank deliver its services. The bank is also re-invigorating its internal structure to support the bank’s new orientation and vision.
Under the new arrangement, CBN recently went live in the first phase of this IT revamp by upgrading Oracle Enterprise Resource Planning (ERP) and Temenos T24 banking platform to the most up to date versions. The Oracle ERP application was upgraded from Release 11 to 12, while the Temenos T24 was upgraded from R05 to R09.
When completed, both systems will be integrated using the Oracle financial architecture hub on Service Oriented Architecture (SOA), a more futuristic, componentized architecture to deliver efficiency, flexible and dynamic integrations from top to bottom on all software being used in the bank. Its entire process will be aligned using Oracle business process and performance measurement solutions.
It would be recalled that CBN implemented and went live with various IT programmes in 2005 under Project Eagle. The project when it was conceived involved the total computerization of the banks business. The programme consisted of about seven different projects including Public Key Infrastructure - Security, Enterprise Resource Planning (ERP), Core Banking, EFASS, Real time Gross Settlement (RTGS), (Elecronic Data Management Solution (EDMS), hardware and communication platforms.
According to a source within CBN, the global financial meltdown, with the need to strengthen CBN readiness to meet future challenges, brought to the fore critical IT and business issues like business continuity, enhanced services delivery and providing enhanced solutions to meet the new dynamics within the emerging global financial regulatory framework now being packaged under BASLE 111.
Investigations show that inspite of the glitches reported in the media, the bank is very satisfied with the progress of the exercise.
The first phase was driven under a tight deadline schedule within 10 weeks. Insider sources within CBN have lauded the commitment and tenacity of Oracle and Temenos team (represented by Inlaks Computers). The team sacrificed all that were needed and undeterred by the chaos that followed after the independent day bomb explosions.
Further enquiries from Inlaks on the project and its involvement in the new development were met with a modest comment. “Only CBN can talk extensively about this project but by and large, all parties have been very professional and have performed to meet set targets and deadlines, which from Inlaks point of view, is a significant development in our project delivery maturity and the efficacy of the new Temenos implementation methodology.
‘Inlaks is involved with the deployment of T24 to the Central Banks of Gambia, Sierra Leone and Guinea under the WAMI/ADB Payment System Infrastructure for the Eco Zones. We are enthusiastic that this proven methodology will be replicated to the benefit of all stake holders in West Africa region and other banks that will migrate to Temenos T24.
To this end Sanusi Lamido Sanusi, governor of CBN, has silently turned to develop the apex bank’s infrastructure under which the new vision of the bank can be realized; starting with the IT platform under which the bank deliver its services. The bank is also re-invigorating its internal structure to support the bank’s new orientation and vision.
Under the new arrangement, CBN recently went live in the first phase of this IT revamp by upgrading Oracle Enterprise Resource Planning (ERP) and Temenos T24 banking platform to the most up to date versions. The Oracle ERP application was upgraded from Release 11 to 12, while the Temenos T24 was upgraded from R05 to R09.
When completed, both systems will be integrated using the Oracle financial architecture hub on Service Oriented Architecture (SOA), a more futuristic, componentized architecture to deliver efficiency, flexible and dynamic integrations from top to bottom on all software being used in the bank. Its entire process will be aligned using Oracle business process and performance measurement solutions.
It would be recalled that CBN implemented and went live with various IT programmes in 2005 under Project Eagle. The project when it was conceived involved the total computerization of the banks business. The programme consisted of about seven different projects including Public Key Infrastructure - Security, Enterprise Resource Planning (ERP), Core Banking, EFASS, Real time Gross Settlement (RTGS), (Elecronic Data Management Solution (EDMS), hardware and communication platforms.
According to a source within CBN, the global financial meltdown, with the need to strengthen CBN readiness to meet future challenges, brought to the fore critical IT and business issues like business continuity, enhanced services delivery and providing enhanced solutions to meet the new dynamics within the emerging global financial regulatory framework now being packaged under BASLE 111.
Investigations show that inspite of the glitches reported in the media, the bank is very satisfied with the progress of the exercise.
The first phase was driven under a tight deadline schedule within 10 weeks. Insider sources within CBN have lauded the commitment and tenacity of Oracle and Temenos team (represented by Inlaks Computers). The team sacrificed all that were needed and undeterred by the chaos that followed after the independent day bomb explosions.
Further enquiries from Inlaks on the project and its involvement in the new development were met with a modest comment. “Only CBN can talk extensively about this project but by and large, all parties have been very professional and have performed to meet set targets and deadlines, which from Inlaks point of view, is a significant development in our project delivery maturity and the efficacy of the new Temenos implementation methodology.
‘Inlaks is involved with the deployment of T24 to the Central Banks of Gambia, Sierra Leone and Guinea under the WAMI/ADB Payment System Infrastructure for the Eco Zones. We are enthusiastic that this proven methodology will be replicated to the benefit of all stake holders in West Africa region and other banks that will migrate to Temenos T24.
