Stanbic Holdings Plc, Kenya's sixth-largest bank, has finalized an upgrade of its core banking application, Temenos 24 (T24 R23), in partnership with US-based Orion Innovation. The upgrade, which began in early 2024, has been the most impactful, with robust security features added to the system.

The bank informed its over 266,000 customers of service disruption across its banking channels between October 19 and 21 due to the upgrade. However, even after the said deadline, some customers reported difficulties in accessing their accounts or making transfers.

Temenos 24 is used by over 950 banks worldwide, including Kenya Commercial Bank (KCB), mainly for retail, business, corporate, and wealth management. Stanbic is among the first banks to upgrade to T24 R23 globally.

The disruptions highlight the complexity of upgrading core banking systems, which has forced Kenyan banks to invest in new talent to address technical issues. In 2023, NCBA and Equity Bank reported significant increases in IT staff costs as competition for talent among banks, telcos, and big tech corporations heats up.

The upgrade is a significant step for Stanbic Bank, but it also underscores the challenges faced by banks in Kenya as they strive to keep pace with technological advancements while ensuring seamless services to their customers.