Bank of Africa selects SBS for North-South money transfers

Bank of Africa has appointed Sopra Banking Software (SBS), a world-renowned leader in financial technologies, as a partner as the lender seeks to introduce a new service that will make north to south money transfers seamless. 

Bank of Africa’s planned new service will leverage SBS Open Banking Platform, which is powered by Tink, a leading open banking firm in Europe.

Hence, SBS and Bank of Africa’s new partnership will see both firms making a collective effort towards the successful launch of Sopra Banking Software’s cloud-native Open Banking Platform.

Bank of Africa has it as part of its strategic plan to ease the experience of customers, especially as it relates to remittances and cross-border transfers and payments. This partnership will also support other vital offerings including currency conversion, account aggregation, and many more.

Mounir Chraibi, Chief Operating Officer of Bank of Africa explained, “We are convinced that our partnership with Sopra Banking Software and the deployment of this Open Banking Platform will be a driving force to facilitate fast, easy, and cost-effective remittances.”

“We are very happy to be able to guide Bank of Africa Group through their remittances offering transformation, they will take advantage of a streamlined payment software — utilizing account aggregation, leveraging multicurrency payment initiation services, and making international transfers painless, within innovative broader added value services for their customers,” said Raouf Mhenni, Executive Vice President, MEA of Sopra Banking Software.