Core banking software in Nigeria

It wasn't long ago that Nigeria had a gazillion banks but one and half banking consolidations later, we are down to about 24. By the time the other half of the new consolidation is concluded, we might be left with about 15 or so but until then fingers are crossed. While the banks that survived the regulatory apocalypse might be interesting to purveyors of merger and consolidation services, the core software that these banks use tickle my curiosity.

Bank Website Software
Access Bank www.accessbankplc.com FLEXCUBE
Afribank www.afribank.com Globus
BankPHB www.bankphb.com T24
Citibank www.citigroup.com/nigeria FLEXCUBE
Diamond Bank www.diamondbank.com FLEXCUBE
Ecobank www.ecobank.com FLEXCUBE
Equitorial Trust Bank www.equitorialtrustbank.com Globus
Fidelity Bank www.fidelitybankplc.com Finacle
First Bank of Nigeria www.firstbanknigeria.com Finacle
First City Monument Bank www.firstcitygroup.com Finacle
FinBank www.finbank.com.ng Finacle
Guaranty Trust Bank www.gtbank.com Basis
Intercontinental Bank www.intercontinentalbankplc.com FLEXCUBE
Oceanic Bank www.oceanicbanknigeria.com Finacle
Skye Bank www.skyebankng.com FLEXCUBE
Spring Bank www.springbankplc.com Finacle
Stanbic IBTC Bank www.ibtc.com Equinox
Standard Chartered Bank www.standardchartered.com/ng eBBS
Sterling Bank www.sterlingbankng.com Banks
Union Bank www.unionbankng.com FLEXCUBE
United Bank for Africa www.ubagroup.com Finacle
Unity Bank www.unitybankng.com Banks
Wema Bank www.wemabank.com Globus G10*
Zenith Bank www.zenithbank.com Phoenix

*Notes:

  • Stanbic IBTC is concluding its migration to Finacle which goes live on July 1, 2011
  • Wema Bank has started a project to migrate to Finacle and should be concluded within a year

The software Lineup

Now (2011) Next year (2012)
  • Finacle – 7 (29%)
  • FLEXCUBE – 7 (29%)
  • Globus/T24 – 4 (17%)
  • Basis/Banks – 3 (13%)
  • eBBS – 1(4%)
  • Equinox – 1 (4%)
  • Phoenix – 1 (4%)
  • Finacle – 9 (38%)
  • FLEXCUBE – 7 (29%)
  • Basis/Banks – 3 (13%
  • Globus/T24 – 3 (13%)
  • eBBS 1 (4%)
  • Phoenix – 1 (4%)

Finacle is a complete suite of banking application from Infosys, one of the largest technology companies in India.

FLEXCUBE is from Oracle Financial Services. FLEXCUBE was initially i-Flex software but the company was bought by Oracle in 2005 during one of its famous spending sprees. A bit of history: FLEXCUBE was originally developed by Citibank and was spurned off as Citicorp Information Technologies Industries Limited, an independent company. FLEXCUBE is highly regarded globally with about 700 installations in 125 countries and has won Core Banking Solution of the Year and Application of the Year from The Banker.

Equinox is a rich functional universal banking solution from the Neptune Software Plc. of UK with has about 60 installations across the world.

Globus is the older version of T24. Both Globus and T24 are from Temenos of Switzerland. Before the consolidation, Globus had 15 installations in some of the biggest banks in Nigeria but has since lost ground during the 2004/5 banking consolidation to Finacle.

Basis and Banks are from ICS Financial Services, a midsize Jordanian/UK software company with about 45 installations worldwide.

Despite the fact that the Nigerian market is dominated by 2 major software from India, the core banking software business is rich and varied worldwide. To read more about other banking systems, head over to http://www.inntron.co.th/corebank.html.

Comments 16

  1. Akintunde Motolani wrote:

    is Citrx not one of the CBA?or is there no bank using it Nigeria?

    Posted 11 Sep 2012 at 7:58 am
  2. Adédèjì Olówè wrote:

    Citrix is not a CBA; it is a virtualization software

    Posted 16 Sep 2012 at 10:26 am
  3. ufuoma onokpachere wrote:

    would like to know more about the phoenix software and only zenith bank in nigeria uses it.

    Posted 28 Dec 2012 at 9:30 pm
  4. ufuoma onokpachere wrote:

    the web link u gave really isnt opening

    Posted 28 Dec 2012 at 9:31 pm
  5. ufuoma onokpachere wrote:

    also is phoenix like an erp system

    Posted 28 Dec 2012 at 9:32 pm
  6. Kaushik wrote:

    I would like to point that TCS Financial Solutions provides core banking solution called TCS BaNCS and not Banks as given above. Banks is from another vendor and not TCS. Tata Consultancy Services (TCS) is the largest IT exporter headquartered in India with an annual revenue of USD 10.17 Billion.

    Posted 29 Dec 2012 at 8:31 pm
  7. Hammed Danesi wrote:

    Fortunately, i have used two of the CBA in Nigeria, which are, Finacle and Flexcube…i must confess, Finacle is a million years ahead of Flexcube. I still don’t understand why some banks still continue using Flexcube after so much conviction within the same environment

    Posted 22 Feb 2013 at 7:22 pm
  8. Tim Fatoki wrote:

    Mr Olowe, thanks for this info. I find it quite very useful for my project.

    Posted 06 May 2013 at 5:36 pm
  9. Jacob wrote:

    Hi, I am doing little research on deployment of flexcube by Union bank for its operation in Nigeria, Pls I will appreciate if anyone can furnish me more info about the planning and its implementation and all that it entails to deploy the system.
    Thanks

    Posted 07 May 2013 at 11:43 pm
  10. chidimma ejiofor wrote:

    I need more information on the current changes in the banking softwares in the year 2013

    Posted 18 Jun 2013 at 6:13 am
  11. essay wrote:

    Hi Deji,

    Please do you have these information for other West African countries?

    Thanks.

    Posted 31 Aug 2013 at 8:54 am
  12. OWOLABI OLADEJO wrote:

    I want to link up with Mr Adedeji Olowe if he wont mind.
    thanks

    Posted 27 Dec 2013 at 9:59 am
  13. Dipo wrote:

    any idea of Union bank’s ERP system? Probably the software and hardware version. Am using the coy as a case study for Msc. in Information system management

    Posted 28 Jul 2015 at 3:45 pm
  14. Daramola ololade wrote:

    Thanks you for this infomation about the softwares used by banks in Nigeria. I heard that finnacle is the best software used by banks in Nigeria, because the way the software is been rated and talks about by the bankers is of high rates.
    Pls what is the functions of this softwares.

    Posted 14 Nov 2015 at 8:22 am
  15. Okeowo Aderemi wrote:

    Wow i used this page for my project in school and referenced it in 2012. small world

    Posted 14 Dec 2015 at 10:26 am
  16. Agbo Victor wrote:

    Good day, Pls can anyone help me with the name of the banking software used by Femaz Microfinance Bank Nigeria

    Posted 16 Sep 2016 at 2:03 pm

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