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.
*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) |
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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.
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is Citrx not one of the CBA?or is there no bank using it Nigeria?
Citrix is not a CBA; it is a virtualization software
would like to know more about the phoenix software and only zenith bank in nigeria uses it.
the web link u gave really isnt opening
also is phoenix like an erp system
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.
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
Mr Olowe, thanks for this info. I find it quite very useful for my project.
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
I need more information on the current changes in the banking softwares in the year 2013
Hi Deji,
Please do you have these information for other West African countries?
Thanks.
I want to link up with Mr Adedeji Olowe if he wont mind.
thanks
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
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.
Wow i used this page for my project in school and referenced it in 2012. small world
Good day, Pls can anyone help me with the name of the banking software used by Femaz Microfinance Bank Nigeria