Genghis partners with local tech firm to digitise operations
Investment bank Genghis Capital has partnered with technology firm Node Africa to move its entire operations onto a cloud platform which will reduce operation costs and improve customer service. Under the partnership, Genghis will no longer run physical servers and other cloud-related IT infrastructure.Instead, Node Africa has developed a new private cloud dedicated to Genghis Capital. Further, the bank will migrate all services previously unavailable on the cloud such as the telephone system and other voice infrastructure onto the new cloud platform hosted and managed by Node Africa. Genghis said its own servers had become dilapidated and replacing them would have cost at least Sh35 million.Further, the cost of power and maintaining the on-site servers was too high.In contrast, the migration will cost the firm $3,000 (Sh300,870) a month.“Additionally, the IT department at the bank stops worrying about keeping the lights on and focuses on improving organisational productivity, so because they no longer have to make sure that the servers are running, that the UPS or the generator is on, they have been able to roll out several more applications to their customers, increasing the revenue of the company,” said Node Africa CEO Phares Kariuki in an interview with the Business Daily on Tuesday.The bank’s cloud will also be separated from Node Africa’s other operations in order to comply with Nairobi Stock Exchange (NSE) regulations on handling of sensitive customer data. Other Kenyan firms which Node Africa says it has partnered with to offer cloud services include Dyer and Blair Investment Bank, supermarket chain Naivas, geospatial firm ESRI, electronic payments firm PesaPal and real estate firm Rama Homes.