The Central Bank of Lesotho have succesfully rolled-out Intellect Design Arena'sQuantum Central Banking Solution. A long overdue system update by the Mountain Kingdom as its legacy system is said to have been outdated and required manual intervention for some processes.
Apart from requiring manual intervention in some cases the bank's legacy system also had integration issues with SWIFT, Electronic Funds Transfers and Central Depository.
"This project is an important milestone in Central Bank of Lesotho's digital transformation journey. Intellect delivered on their promise of timely implementation without any cost over-run. The benefits of leveraging Intellect's Central Banking expertise are already visible in the product, along with the speed and quality of implementation. This will help improve our operational efficiency and enable us to take strong measures improve the economy of Lesotho" said Mothetsi Sekoati, Head of Business Solution at the Central Central Bank of Lesotho.
Lesotho's Central Bank also had a special agreement with its neighbouring country, South Africa, where it needed to support two currencies and it was difficult to do this with its now replaced legacy system.
"Central Bank of Lesotho is an important addition to our growing Central Banking customer base across APAC, Europe and Africa. Having worked with National Bank of Ethiopia and Central Bank of Seychelles, this project helped us refine our set of best practices that would specifically benefit Central Banks in the African region. I am confident the merits of this implementation will help us will win more customers in Africa." said Rajesh Saxena, Chief Executive Officer Global Consumer Banking at Intellect Design Arena.
The solution deployed will now allow the bank to perform functions such as treasury management, currency management, and foreign currency trading among other functions.