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NIC - 740mn on new mobile banking system
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VituVingiSana
#1 Posted : Thursday, December 13, 2012 1:58:56 AM
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Joined: 1/3/2007
Posts: 18,136
Location: Nairobi
http://www.businessdaily.../-/u5u1p7z/-/index.html

Isn't 740mn a huge amount to spend on a mobile & internet banking? Other smaller banks have both these products but I don't think they spent as much!
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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kiriita
#2 Posted : Thursday, December 13, 2012 7:51:57 AM
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Joined: 4/20/2008
Posts: 437
VituVingiSana wrote:
http://www.businessdailyafrica.com/NIC-splurges-Sh740-million-on-mobile-banking-system/-/539552/1642716/-/u5u1p7z/-/index.html

Isn't 740mn a huge amount to spend on a mobile & internet banking? Other smaller banks have both these products but I don't think they spent as much!


I think the BD headline is somewhat misleading. The first paragraph of that story reads:

Quote:
Mid-tier NIC Bank has spent about Sh740 million ($8.6 million) on a new core banking system to facilitate rolling out of new products to be offered through mobile phones. It will also expand it Internet and branchless banking.


The amount quoted is the price of the CBS. I may be wrong but I don't think 740m is inordinate for a new CBS for a bank of that size.
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VituVingiSana
#3 Posted : Thursday, December 13, 2012 10:34:31 AM
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Joined: 1/3/2007
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@kiriita - Ahhh, a new CBS at 740mn (including implementation costs) may be OK. You are right... in my hurry I believed the headline as 740mn for the "mobile banking feature" which I thought was too expensive.
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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mkonomtupu
#4 Posted : Thursday, December 13, 2012 10:46:56 AM
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Joined: 2/10/2010
Posts: 1,001
Location: River Road
The price is for the T24 Temenos CBS. KCB also spent the 2008 rights issue to buy the same system which allows them to be among the first to report results and cuts down on fraud because its a complete front to back office system. It's the same system that caused KCB to defame some high court judge when it rejected his credit card. it has issues when its implemented

http://www.nairaland.com...-bank-mess-t24-software

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