HassemPrag a digital banking and orchestration platform has partnered with 10x Banking, a cloud-native fintech business.
The partnership seeks to enable African financial institutions to modernise their IT infrastructure.
The firms say that by fusing HassemPrag integration capacities and extensive local knowledge with 10x Banking's architecture, the partnership offers a cohesive solution intended to replace antiquated core banking technology with flexible, scalable alternatives.
Banks across the continent are currently navigating a complex landscape of evolving local regulations, intensifying fintech competition, and the prohibitive costs of maintaining legacy infrastructure.
Consequently, investment in core systems is surging. The core banking software market in the Middle East and Africa is projected to reach $2.2 billion in revenue by 2030.
Addressing these critical pain points, the partnership is expected to enable African banks to increase the speed and scalability to launch new products.
The cloud-native infrastructure enables for the deployment of new services in months, bypassing the multi-year cycle, significantly reducing operational overheads, said companies.
Antony Jenkins, founder and CEO of 10x Banking, commented: “This partnership is about giving African banks the ability to modernise at full speed without the risks, high costs, and downtime typically associated with full-scale transformation.
“We are enabling institutions to move away from legacy constraints and build smarter, more inclusive propositions. With access to this technology, more banks can launch digital services in weeks, reduce complexity, and unlock growth in some of the world’s most dynamic markets.”
Jayesh Prag, CEO of HassemPrag, highlighted that the perceived risk of change has historically hindered essential modernisation across Africa. He underlined that the partnership now provides banks with a clear, de-risked path to digital transformation.
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