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Oracle says Africa's digital banks are increasing investment

By , ITWeb
Africa , 12 Feb 2020

Oracle says Africa's digital banks are increasing investment

Oracle claims to be attracting several digital-first banks in Africa to its financial services, specifically to the Flexcube Universal Banking platform – said to power over 10% of the world's consumer bank accounts.

Oracle has issued a statement from its OpenWorld London event, currently underway, in which it says that several key customers are using Oracle Flexcube and Oracle Banking Digital Experience for their digital transformations.

According to the company, it has served this market segment for over 20 years and today over one hundred banks in Africa rely on Flexcube.

Oracle says 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," it added.

Included in a list of banks said to have invested in Oracle technology is the Central Bank of Libya in Tripoli (which includes four of the country's public sector banks), Nigeria's LAPO Microfinance Bank as well as a public sector bank in Algeria, and several others in Malawi, Djibouti, and Sudan.

Sonny Singh, senior vice president and general manager, Oracle Financial Services, said: "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. 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 added that its Oracle Banking Digital Experience (OBDX) has also been chosen alongside Flexcube by several 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, modernise experiences or launch innovative new digital capabilities, such as mobile payments and digital wallets," Oracle continued.

Meanwhile, Titan Trust Bank in Nigeria is implementing a full suite of solutions.

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