African Banks Transform Operations and Customer Experiences with Oracle
Oracle Financial Services enables digital banking, process optimization and market agility across the continent
JOHANNESBURG—Feb 12, 2020
Several of Africa’s innovative digital-first banks are turning to Oracle Financial Services to transform their processes and deliver a centralized experience for customers. Banks across the continent are investing in the FLEXCUBE Universal Banking platform, which powers more than 10 percent 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 also upgrading its current 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.”
Oracle’s growth in the continent can also be attributed to the success of other products. 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.
Oracle has been powering banks in Africa for more than 20 years, with 100+ banks in Africa relying on FLEXCUBE to power their growth. Oracle has been consistently investing in the product to ensure that it has anticipated the emerging needs of banks in Africa. It has a vast presence in the region including resources across sales, sales consulting, implementation and support staff, and it is backed by a strong network of established partners.
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