ICS Financial Systems Ltd (ICSFS) has completed the go-live of its ICS BANKS software at African Bank of Oman (ABO), marking its first deployment in Angola.
The implementation covers ICS BANKS' universal and digital banking solutions and represents ICSFS's entry into the Angolan banking market, extending the vendor's presence across the African continent. ABO is a corporate and investment bank focused on transaction banking and trade finance, with an emphasis on supporting large corporates conducting trade between Angola, the Gulf Cooperation Council (GCC) countries, and neighbouring regions.
Scope of the deployment
The bank has adopted a set of ICS BANKS modules covering several areas of corporate and investment banking. These include Global Transaction Banking (GTB), which supports real-time corporate cash and liquidity management along with processing of domestic and international payments across multiple channels, and Trade Finance, covering the handling of instruments such as letters of credit, letters of guarantee, and documentary collections for cross-border trade.
The platform also includes Credit Facilities and Risk Groups, together with an IFRS 9 Expected Credit Loss module that incorporates probability-of-default modelling for credit assessment and regulatory compliance purposes. In addition, ABO has implemented ICS BANKS Investment Banking, supporting capital markets activity and corporate finance operations, and ICS BANKS Treasury, which covers liquidity management, asset and liability management, and financial risk functions.
According to ICSFS, the combination of these modules is intended to give the bank a single technology base spanning transaction banking, trade finance, credit risk, investment banking, and treasury operations, alongside digital onboarding capabilities for corporate clients.
Market context
ABO's stated focus is on facilitating trade flows between Angola and the GCC region, positioning the bank within a corridor connecting African and Middle Eastern markets. Antonio Dinis Mendes, CEO of African Bank of Oman, said the bank's go-live on ICS BANKS was intended to provide a scalable technology base to support its trade and investment banking activities from launch.
For ICSFS, the deployment marks its debut in Angola, a market the company has identified as relevant to broader efforts around financial infrastructure modernisation in Africa. Robert Hazboun, Executive Chairman of ICSFS, said the go-live coincided with the launch of ABO as a new banking entity and reflected the company's continued expansion across African markets.
The project adds to ICSFS's existing base of banking clients using the ICS BANKS platform across the region, as the vendor continues to position core banking and digital transformation projects among financial institutions operating in African and Middle Eastern markets.
