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.

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