Banque Centrale de la République de Guinée Enables Economic Development with Optimized Fiscal, Monetary, and Trade Policy Decision Making
 
 

Banque Centrale de la République de Guinée Enables Economic Development with Optimized Fiscal, Monetary, and Trade Policy Decision Making

Banque Centrale de la République de Guinée (BCRG) maintains consumer price stability and promotes a financial system that supports sustainable development in Guinea, a former French colony located in West Africa. Guinea’s 10 million inhabitants depend largely on farming and mining. Guinea is the world’s second largest producer of bauxite and has rich diamond and gold deposits. BCRG offers commercial banking services to government and public administration employees and advises the Guinean government on financial, monetary, trade, and macroeconomic affairs. It also acts as the country’s lender of last resort. The bank is a leading member of the Alliance for Financial Inclusion, a global network of financial policymakers from developing and emerging countries that work together to increase access to financial services for the poor.

 
 

 
 

Challenges

A word from Banque Centrale de la République de Guinée

  • “By deploying Oracle technology, we freed personnel from the task of collecting fiscal, monetary, and trade-related information from numerous disparate applications, each with different data formats and user interfaces, to enable faster decision-making. We also mitigated internal risks with standardized processes and traceable workflows.” – Mohamed Berete, Advisor to the Governor and Deputy Project Manager SYSCOBCRG, Banque Centrale de la République de Guinée

  • Enhance transparency and accountability with standardized business processes that increase operational efficiency and reduce market and monetary risks in a country with an emerging financial market
  • Simplify IT management by better coordinating numerous third-party applications, such as the core banking system, with the bank’s enterprise resource planning (ERP) functions, especially financials and purchasing
  • Enable full compliance with international financial regulations, such as the Basel Committee on Banking Supervision’s Basel II framework, from all banking institutions which requires enhanced capital standards, better internal and external supervision, and comprehensive public disclosure
  • Enable BCRG to provide personal banking services to its employees for the payment of wages and expenses

Solutions

  • Optimized performance in key areas—such as monitoring national debt—by standardizing and automating core financial processes with Oracle E-Business Suite Release 12.1.3
  • Achieved a successful deployment of Oracle E-Business Suite Release 12.1.3—as certified by the international auditing firm KPMG, which validated the implementation with regard to international financial system standards
  • Used Oracle Financials to establish a robust financial framework to contribute to much needed economic development in Guinea
  • Used accurate, real-time information—easily accessible through Oracle E-Business Suite’s user-friendly interfaces—to make well-informed decisions
  • Used Oracle Financials to ensure traceability of BCRG’s accounting records for a minimum of three years, as required by Basel II
  • Optimized procurement by automating routine tasks with Oracle Purchasing, which enabled procurement officers to focus on strategic initiatives, such as optimizing performance of the bank’s numerous suppliers
  • Deployed Oracle Database 11g to create a robust, highly available, and easily scalable data foundation for the bank’s rapidly growing volume of financial and monetary information
  • Used Oracle Business Intelligence Publisher to provide analysts with instant access to actionable information, enabling BCRG to strengthen monitoring and supervision of commercial banks that operate in Guinea
  • Used Oracle technology to expand cooperation with other African central banks that adopt similar transparency, supervision, and disclosure standards
  • Enabled reporting according to International Financial Reporting Standards , especially IMS (Integrated Monetary Situation) for the International Monetary Fund

Why Oracle

“Following a public tender, BCRG selected Oracle technology because of its reliability, the recommendations that we received from other financial institutions, and our trust in Oracle’s services and technology expertise, which are readily available in Africa,” said M. Mohamed Berete, advisor to the governor and deputy project manager SYSCOBCRG, Banque Centrale de la République de Guinée.

Partner

“Oracle partner Catalyst Business Solutions was critical to the project’s success. Catalyst assisted our internal IT team during the entire implementation with in-depth expertise and was very flexible in meeting our requirements. For example, we were modifying our national chart of accounts when the implementation started, and Catalyst easily adapted to that situation. Catalyst also trained our key users in all Oracle applications and technologies in their Oracle Approved Education Center in Dakar, Senegal,” M. Mohamed Berete added.