LTIMindtree bags multimillion dollar contract extension with Absa Bank

LTIMindtree today announced a multi-million-dollar contract extension with Absa Bank, a leading African financial services group. The financial details of the deal were not disclosed.

The extended partnership builds upon a successful 17-year collaboration, where LTIMindtree has been instrumental in driving Absa Bank's digital transformation journey, fostering growth and efficiency.

Johnson Idesoh, group chief information and technology officer at Absa Group, said, “Adopting modern IT systems and capabilities has always been our priority to ensure exceptional and seamless customer experiences. LTIMindtree, through process optimisation and the application of advanced technology like automation and generative AI, has helped us lower the total cost of ownership by 46 per cent over the last 5 years. This ties in with our technology transformation journey. Together, we deliver stable and robust services to our customers in the African continent. We are confident that extending this partnership will enable our business growth even further and assist us to continuously enhance value for our customers, making our banks even more competitive.”

Sudhir Chaturvedi, president and executive board member, LTIMindtree, said, “Through this renewal, we will continue to deliver best-in-class core banking solutions, encompassing digital, branch, and payment technologies for Absa's customers. These solutions span multiple markets and focus on increased localisation. We are confident that through our deep industry knowledge and advanced data and analytics capabilities.”

This strengthened partnership solidifies LTIMindtree's leadership in the banking, financial services, and insurance (BFSI) sector.