Co-op Bank wins CIO100 award for innovative direct settlement system

Co-operative Bank of Kenya was recognised as the banking sector winner at the 2024 CIO100 Awards for its innovative Direct Settlement System (DSS) for the Nairobi Coffee Exchange (NCE).

According to officials, the DSS, launched in August 2023, has revolutionised coffee settlement processes at the NCE, streamlining transactions and boosting transparency.

Since its inception, the system has facilitated the settlement of over $240 million (Sh30 billion) in coffee sales.

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Co-op Bank's win marks the second consecutive year that the bank has been honoured at the CIO100 Awards. Last year, Charles Khacheso Washika, the bank's Director of ICT & Innovation, was named CIO of the Year.

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The CIO100 Awards, organised by dx5, recognise organizations and individuals that leverage IT to drive business value and digital transformation across Africa.

This recognition marks the second consecutive year that Co-op Bank has been honoured at the CIO100 Awards. Last year, the bank's Director of ICT & Innovation, Charles Khacheso Washika, was named CIO of the Year.

The CIO100 Awards, organized by dx5, celebrate organizations and individuals who leverage technology to drive business growth and innovation across Africa.