LTIMindtree Secures Multi-Million Dollar Contract Extension With Africa’s Absa Bank

Mid-tier IT player LTIMindtree on Thursday said it has won the extension of a multi-million-dollar contract with Absa Bank, a leading African financial services group. 

Absa Group is listed on the Johannesburg Stock Exchange and is one of Africa’s largest diversified financial services groups with a presence in 12 African countries, as well as in China, the United Kingdom and the United States. 

“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,” Sudhir Chaturvedi, President & Executive Board Member, LTIMindtree said.

LTIMindtree will act as a comprehensive IT service provider for Absa Bank, deploying advanced solutions in digital transformation, applied AI, cloud acceleration, data-driven decision making and core banking modernisation to enhance the bank’s digital infrastructure.

“We are confident that through our deep industry knowledge and advanced data and analytics capabilities, we will continue to accelerate Absa Bank's transformation journey. This will empower them to achieve their strategic goals of becoming a client-centric and technology-first bank,” he added.

In a statement, Johnson Idesoh, Group Chief Information and Technology Officer at Absa Group said, “With a relationship of 17 years, LTIMindtree has delivered tangible business value to our banks, over a protracted period. At the same time, LTIMindtree, through process optimisation and the application of advanced technology like Automation and Generative AI, has helped us lower total cost of ownership by 46 per cent over the last 5 years. This ties in with our technology transformation journey.”