Oracle: transforming digital banking in Africa

By Leah Netabai

Powering banks for more than 20 years in Africa, we take a look at how Oracle’s software and technology is helping the African banking industry. 

Navigating the diverse landscape of Africa can be a challenge for companies. With no two countries operating the same, digital-first banks are turning to industry leaders such as Oracle to transform their processes to deliver a centralised experience for their customers.

Currently within the region, some of its major banks in Nigeria, Libya, Algeria, Malawi, Djibouti, Sudan and Senegal have been adopting a wide range of services from Oracle including: FLEXCUBE Universal Services, Oracle Banking Digital Experience (OBDX), Oracle Banking Payments (OBP) and Oracle Banking Corporate Lending. 

Among those that are using the technology are  LAPO Microfinance Bank, The Central Bank of Libya, Al Nile Bank, Balad Bank, Al Yaqeen Bank, Andalus Bank and Titan Trust Bank.

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“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.”

The solutions are providing an increased digital, responsive and connected experience for customers of the banks. As well as addressing core internal needs of the banks such as, integrating solutions that provided operational insights and improve the time to market for new services and products. 

Currently, there are over 100 banks in Africa harnessing Oracle’s products, which the company continues to invest in “to ensure that it has anticipated the emerging needs of banks in Africa,” comments Oracle.

For more information on business topics in the Middle East and Africa, please take a look at the latest edition of Business Chief MEA.

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