Misys` FusionBanking Essence core system now live at Yoma Bank

Yoma Bank issued an RFI for new core banking software, with the financial support from International Finance Corporation (IFC; a subsidiary of the World Bank) in 2014. IFC granted Yoma Bank a USD 5 million loan to carry out the modernisation, bankingtech.com reports.

IFC also helped Yoma Bank to surpass its risk management processes and corporate governance, add new delivery channels, as well as replace the core system. Misys won the deal with its FusionBanking core solution, and the contract was signed in late 2014.

Yoma Bank was established in 1993 and grew to be the second largest commercial bank in the country. However, following a financial crisis in the country in 2003, the bank had its licences severely restricted and operated solely as a remittance transfer operator, unable to offer loans or deposits. The relevant licences were returned to the bank in late 2012, and it has re-established its banking services, primarily lending to SMEs across its 50-branch network.