RISWIS Core Banking System - Implementation Roadmap
Project Overview
Objective: Transform RISWIS from an internal banking system to a market-ready core banking solution for West African financial institutions.
Timeline: 8-12 months to full market readiness Investment: $300,000 - $500,000 Target Market: Small-medium banks, microfinance institutions, credit unions in Liberia and West Africa
Phase 1: Core Completion (3-6 months)
Budget: $150,000 - $250,000 Focus: Customer-facing applications and essential integrations
1.1 Mobile Banking Application (2-3 months)
Priority: CRITICAL Budget: $60,000 - $100,000
Technical Requirements
Platform: React Native or Flutter for cross-platform development
Features:
Account balance inquiry (USD/LRD)
Transaction history with filtering
Fund transfers (internal/external)
Bill payments and airtime top-up
QR code payments
Push notifications for transactions
Biometric authentication (fingerprint/face)
Offline transaction queuing
Deliverables
1.2 Internet Banking Portal (1-2 months)
Priority: CRITICAL Budget: $30,000 - $50,000
Technical Requirements
Platform: Next.js customer-facing portal
Features:
Account dashboard with multi-currency support
Transaction management and history
Fund transfers and payments
Statement downloads (PDF/Excel)
Profile management
Two-factor authentication
Session management and security
Deliverables
1.3 Payment Gateway Integration (1-2 months)
Priority: CRITICAL Budget: $40,000 - $60,000
Integration Requirements
Visa/Mastercard Processing
Card transaction processing
PCI DSS compliance preparation
Fraud detection and prevention
Chargeback management
Local Payment Methods
Orange Money integration
MTN Mobile Money integration
Bank-to-bank transfers
USSD payment support
Deliverables
1.4 Security Hardening (1 month)
Priority: CRITICAL Budget: $20,000 - $40,000
Security Enhancements
Phase 2: Regulatory Compliance (2-4 months)
Budget: $100,000 - $150,000 Focus: Legal, regulatory, and security certifications
2.1 Central Bank of Liberia (CBL) Compliance (1-2 months)
Priority: CRITICAL Budget: $30,000 - $50,000
Compliance Requirements
2.2 AML/KYC Automation (1-2 months)
Priority: CRITICAL Budget: $40,000 - $60,000
Features
2.3 Security Certifications (2-3 months)
Priority: CRITICAL Budget: $30,000 - $40,000
Certifications
Phase 3: Market Launch Preparation (2-3 months)
Budget: $50,000 - $100,000 Focus: Go-to-market readiness
3.1 Pilot Bank Implementation (1-2 months)
Priority: HIGH Budget: $20,000 - $40,000
Activities
3.2 Documentation and Training (1 month)
Priority: HIGH Budget: $15,000 - $25,000
Deliverables
3.3 Support Infrastructure (1 month)
Priority: MEDIUM Budget: $15,000 - $35,000
Setup
Technical Architecture Enhancements
High Availability Setup
Performance Optimization
Monitoring and Analytics
Market Entry Strategy
Target Customer Segments
Primary Markets
Small-Medium Banks (5-50 branches)
Implementation fee: $100,000 - $200,000
Monthly license: $10,000 - $20,000
Target: 20-30 banks in first year
Microfinance Institutions
Implementation fee: $50,000 - $100,000
Monthly license: $5,000 - $10,000
Target: 50-100 institutions in first year
Secondary Markets
Credit Unions
Implementation fee: $30,000 - $75,000
Monthly license: $3,000 - $7,500
Target: 100+ unions in first year
Fintech Companies
Implementation fee: $75,000 - $150,000
Monthly license: $7,500 - $15,000
Target: 10-20 companies in first year
Geographic Expansion Plan
Year 1: Liberia Focus
Establish market presence
Build reference customers
Refine product-market fit
Year 2: West Africa Expansion
Ghana, Sierra Leone, Guinea
Local partnerships and compliance
Regional support infrastructure
Year 3: Pan-African Growth
Nigeria, Kenya, Uganda
Franchise/partner model
Multi-country compliance
Revenue Projections
Year 1 Targets
Customers: 10-15 financial institutions
Implementation Revenue: $1M - $2M
Recurring Revenue: $600K - $1.5M
Total Revenue: $1.6M - $3.5M
Year 2 Targets
Customers: 50-75 financial institutions
Implementation Revenue: $3M - $6M
Recurring Revenue: $3M - $7.5M
Total Revenue: $6M - $13.5M
Year 3 Targets
Customers: 150-200 financial institutions
Implementation Revenue: $7.5M - $15M
Recurring Revenue: $9M - $22.5M
Total Revenue: $16.5M - $37.5M
Risk Mitigation
Technical Risks
Risk: Performance issues under load
Mitigation: Comprehensive load testing and optimization
Timeline: Phase 1, Month 3
Regulatory Risks
Risk: Compliance requirements vary by country
Mitigation: Local legal partnerships and compliance expertise
Timeline: Phase 2, ongoing
Market Risks
Risk: Competition from established vendors
Mitigation: Competitive pricing and superior customer service
Timeline: Phase 3, ongoing
Financial Risks
Risk: Development cost overruns
Mitigation: Phased approach with milestone-based funding
Timeline: Throughout project
Success Metrics
Technical KPIs
System uptime: 99.9%
Transaction processing time: <2 seconds
Concurrent users: 10,000+
Data backup success: 100%
Business KPIs
Customer acquisition: 10+ banks in Year 1
Revenue growth: 100% year-over-year
Customer satisfaction: 90%+ NPS score
Support response time: <4 hours
Compliance KPIs
Regulatory audit pass rate: 100%
Security incident count: 0 critical
Compliance report accuracy: 99.9%
Certification maintenance: 100%
Next Steps
Immediate Actions (Next 30 days)
Month 2-3 Actions
Month 4-6 Actions
Document Control
Version: 1.0
Last Updated: January 2025
Next Review: Monthly
Owner: RISWIS Development Team
Stakeholders: Executive Team, Development Team, Business Development
Last updated