The Nigerian fintech solutions company Qore Technologies, renowned for its revolutionary contributions to digital financial infrastructure, has formally entered the Ethiopian market. This development was announced on Wednesday.
The company’s expansion into Ethiopia intends to assist the country’s expanding digital banking movement by offering cloud-based, scalable solutions customised to meet the requirements of regional banks and fintech organisations.
Qore’s significant milestone via BankOne
Over 500 institutions in Africa have had their financial services automated and digitally transformed over the past 13 years by Qore’s flagship platform, BankOne.
In markets where more than 50 per cent of people obtain their financial services outside of conventional banking systems, BankOne has continuously provided customer-focused, scalable, and inclusive solutions.
With a significant presence in nations like Kenya, Ghana, Gambia, Tanzania, Senegal, and the Democratic Republic of the Congo, Qore’s entry into Ethiopia indicates the company’s increasing faith in Ethiopia’s progress towards digital financial transformation.
Prospect for Qore Technologies in Ethiopia
With consumers increasingly using digital banking and gradually moving away from cash-based transactions and in-person branch services, Ethiopia’s financial sector has seen a significant change recently.
However, the high expense of foreign technology and outdated systems have long made it difficult for regional financial institutions to meet changing consumer demands.
To bridge this gap, Qore Technologies provides a stable, cloud-native platform designed for African markets.
Instant card issuance, merchant and agent banking services, third-party integrations, and core digital banking systems are all part of the BankOne ecosystem, which is made to grow with any size institution.
Qore handles over 150 million transactions monthly
The platform handles over 150 million monthly transactions, with loan portfolios totalling NGN 75 billion (USD 48.4 million) and accounts totalling over NGN 155 billion (USD 103.3 million).
It is trusted by over 19 commercial banks, over 520 microfinance banks, and fintechs throughout the continent. Among Africa’s most well-known financial institutions are Qore’s clients, including Zenith Bank, Access Bank, First City Monument Bank, and United Bank for Africa.
Qore’s speed and affordability
In contrast to conventional core banking systems, which necessitate substantial initial investment, extended implementation periods, and on-premise technical assistance, Qore’s cloud-first deployment model allows institutions to go live in less than two weeks. This significantly decreases the cost and complexity of digital transformation, giving smaller banks the same technological edge as their larger counterparts.
The Digital Natives Initiative, a partnership between Qore and Microsoft that aims to improve Africa’s access to safe, cutting-edge digital infrastructure, supports this expansion even more.
