Global Technology Banking signed a deal with the Industrial Development Bank Limited of Kenya (IDB) at the end of June to implement Globus, the world-leading banking solution distributed by Global Technology. The deal will facilitate IDB`s diversification from a development bank into one that will offer its clients commercial banking services as well. The system will be implemented by the end of October. Globus will also address the potential Y2K problems that are inherent in IDB`s current legacy system.
Ray Leonard, CEO of Global Technology, comments, "IDB will be able to offer a complete range of banking services to its clients who have previously had to go to other banks for these services. The Globus implementation will also enable IDB to meet the Central Bank of Kenya`s key requirements that IDB be Y2K compliant, and have the framework for commercial banking operations necessary for commercial-licence approval. After looking at a number of banking solutions, IDB selected Globus."
IDB was founded in 1973 to provide development finance for new and existing businesses in all sectors of the Kenyan economy, in the form of medium- and long-term loans.
Lawrence Masaviru, Managing Director of IDB, comments, "Kenya is expected to continue to be the financial centre of East Africa. IDB`s decision to diversify opens up exciting new opportunities and challenges in commercial banking. As the first Kenyan bank to implement Globus, we believe that IDB will be best placed to meet these challenges in the new millenium."
Global Technology is a leading provider of software solutions to the banking, insurance and financial services sectors. Recently named as one of the top IT companies in South Africa, Global Technology listed on the JSE in November 1998.
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