African banks transforming operations with Oracle solution

oracle bankingSeveral of Africa’s innovative digital-first banks are turning to Oracle Financial Services’ FLEXCUBE Universal Banking platform to transform their processes and deliver a centralised experience for customers

Banks across the continent are investing in the FLEXCUBE Universal Banking platform, which powers more than 10 per cent of the world’s consumer bank accounts. Among these is LAPO Microfinance Bank, Nigeria’s largest microfinance bank with four million customers, which is implementing FLEXCUBE as well as Oracle Banking Digital Experience (OBDX) and Oracle Banking Payments (OBP).

The Central Bank of Libya in Tripoli, which includes four of Libya’s public sector banks, is upgrading its FLEXCUBE solution.

FLEXCUBE helps banks meet customers’ evolving expectations for more digital, responsive and connected experiences. In addition to addressing core-banking needs, the integrated solution will empower banking staff with key insights and help improve operations. It will also make it simpler to launch new products and reduce time-to-market for new services. Other key banks implementing FLEXCUBE include a public sector bank in Algeria, and several others in Malawi, Djibouti, and Sudan.

“We have a long-standing presence in the African market, and it is promising to see more banks streamline their business operations and enhance the customer experience using Oracle,” said Sonny Singh, senior vice-president and general manager, Oracle Financial Services.

“Africa continues to be at the forefront of innovative inclusive banking, and we are poised to support our banking customers as they continue to modernise and expand their digital offerings,” Singh added.

Oracle Banking Digital Experience (OBDX) has been chosen alongside FLEXCUBE by multiple banks including Al Nile Bank and Balad Bank in Sudan, as well as Libya’s Alyaqeen and Andalus Banks, and a postal bank in Senegal. With OBDX, banks can build on their existing infrastructure to launch new digital brands, automate processes, modernize experiences or launch innovative new digital capabilities, such as mobile payments and digital wallets. Meanwhile, Titan Trust Bank in Nigeria is implementing a full suite of solutions: FLEXCUBE, OBDX, OBP and Oracle Banking Corporate Lending.

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