Libya’s Bank of Commerce and Development (BCD) has signed Finastra to support its digital transformation and bring new banking services to consumers and businesses in the North African country. FusionBanking Essence Digital Channels and FusionBanking Essence Teller will power digital payments and transactions to support easier access to online and mobile financial services in the region.
The bank will also roll out FusionBanking Essence Islamic, enabling it to build a new revenue stream in Islamic banking. The deal was signed today at Finastra Universe Dubai, the firm’s thought leadership conference in the UAE.
Jamal Abdelmalek, Chairman at BCD, said: “We’ve been working with Finastra for a long time and its technology has supported us as we’ve established ourselves as a leading bank in our region, despite the economic climate here in Libya. We’ve been able to grow and continued to operate our branches amidst a challenging backdrop and it is a logical step to build out our offering on technology which we trust. We are confident that deploying these Finastra solutions will support us as we continue to expand our business.”
Wissam Khoury, MD for Africa and Middle East (MEA) at Finastra, said: “There is a pressing demand for Islamic finance products and services in Libya, in line with the direction the local authorities are taking to fully support Shari’ah standards and principles. This transformational initiative at BCD will enable the bank to offer services in this space and ultimately add new business lines without needing to make additional changes to the technology platform put in place.”
The technology will enable BCD to roll out digital payments services for consumers and merchants, who will also be able to request and receive payments without having to exchange cash. Given the shortage of liquidity in Libya, this move will help the bank to support the economy and continue to grow. Meanwhile, FusionBanking Essence Islamic will provide pre-configured Shari’ah compliant products, ensuring rapid time-to-market and new revenue opportunities for BCD.
“Our work with BCD reaffirms our belief that the industry is undergoing a once in a generation technology shift, with digitalization being a key driver. Supporting banks to help them navigate this changing landscape and get the most out of their technology choices is our forte, even in the most challenging of economic environments like the one BCD finds itself in,” said Nadeem Syed, CEO at Finastra.
A longstanding customer, the bank is already using Finastra (FusionBanking Equation) to power its core banking system. It is also using FusionBanking Trade Innovation. Being able to plug in micro-services ensures the bank can create tailored services for local needs and ensures the platform serves as a future-proof base for ongoing, evolutionary expansion at BCD.
Finastra was formed in 2017 by the combination of Misys and D+H, and currently provides a broad portfolio of financial services software.