The Co-operative Bank of Kenya was named the winner in the banking sector at this year’s CIO100 Awards, following a vigorous selection process that entailed scrutinising IT-driven projects that have made a tangible impact on business operations, community development, and digital transformation across the African continent.
Co-op Bank won the top accolades for the design and development of the Direct Settlement System (DSS) for the Nairobi Coffee Exchange (NCE).
The DSS stood out among the numerous competing projects submitted for the contest by banks across Africa, with the Absa Group of South Africa and the First Bank of Nigeria making it to the finals.
The DSS has since inception in August 2023 fostered a new coffee settlement regime at NCE, and settled in excess of US$ 240 Million (Kshs 30 billion) in coffee sales with minimal disruption.
In addition, the coffee fraternity has enjoyed unprecedented levels of price transparency and efficiency in payment processing that has boosted market confidence significantly.
The CIO100 Award is the latest in a list of accolades that Co-op Bank has lately received, noting that in last year’s edition of the awards, the coveted CIO Of The Year Award was won by the Director ICT & Innovation at Co-op Bank Charles Khacheso Washika. The Bank was also recently named Overall Winner at the Sustainable Finance Catalyst Awards organized by the Kenya Bankers’ Association.
Now in its 16th edition, the CIO100 Awards are organised by the African digital transformation driver, dx5, for celebrating organisations and individuals utilising IT innovatively to deliver business value, whether by creating a competitive advantage, optimising business processes, enabling growth, improving customer relationships, or digitally transforming the business.
This year’s CIO100 Symposium and Awards happened at Enashipai Resort & Spa, Naivasha from 20-22 November 2024.
