The innovative digital-first banks in Africa are turning to Oracle Financial Services to transform their processes and deliver a centralized experience for their customers.
Damaan Islamic Bank (a new Shariah-compliant bank in Libya) and Mediterranean Bank (owned by Bahraini financial services group, Arab Banking Corporation) have both signed for the Flexcube core banking software from Oracle Financial Services.
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).
Other key banks implementing Flexcube include a public sector bank in Algeria, and several others in Malawi, Djibouti, and Sudan.
About Oracle Financial Services
Oracle Financial Services enables digital banking, process optimization, and market agility across the world. Oracle Financial Services is serving customers in 140 countries. Their customer base covers 15% of the world’s population.
Oracle Financial Services has over the years, successfully Simplified the discovery of financial products and services for customers based on their needs, preferences, and behaviors.
In addition to addressing core-banking needs, the integrated solution empowers banking staff with key insights and helps improve operations.
Sonny Singh, senior vice president and general manager, Oracle Financial Services in a press release stated that “Africa continues to be at the forefront of innovative, inclusive banking, and we are poised to support our banking customers as they continue to modernize and expand their digital offerings.”
With a comprehensive set of integrated digital and data platforms, Oracle FS is empowering banks and insurers to deliver the next generation of financial services.