Interswitch Group and Temenos have urged Nigerian financial institutions to rethink their approach to banking technology, arguing that future-ready banking systems must integrate core banking, payments, data and talent rather than modernise individual components in isolation.
The call was made during the companies’ first in-market industry engagement with senior business and technology leaders from leading Nigerian financial institutions since the announcement of their pan-African partnership.
The engagement focused on how banks can build technology environments capable of responding to changing customer expectations, increasing digital transactions and the need for greater operational agility.
Rather than centring discussions on the choice of a core banking platform, Interswitch and Temenos challenged industry leaders to consider how different elements of a bank’s technology infrastructure can operate as an integrated system.
The companies noted that while core banking remains an important part of a bank’s technology architecture, it is no longer sufficient to define the institution’s digital transformation strategy.
They pointed to a common challenge across technology roadmaps, where modern core systems operate alongside legacy payments infrastructure, fragmented data environments and organisational structures that may not be designed for today’s digital banking requirements.
According to the companies, upgrading one component of the technology stack without addressing the wider ecosystem can limit the benefits of modernisation and leave institutions with disconnected systems.
The discussions therefore emphasised the need for greater integration across core banking, payments and data, supported by teams with the skills and organisational structures required to operate modern financial technology environments.
The engagement forms part of the broader Interswitch-Temenos pan-African partnership, which seeks to deepen technology collaboration and support financial institutions across the continent as they modernise their banking infrastructure.
The companies said banks must move beyond viewing technology upgrades as isolated projects and instead develop integrated strategies that position technology as a foundation for long-term growth, innovation and competitiveness.
