Core Banking Software in Nigeria

This is probably the third time I’m writing about core banking software in Nigeria. I did that in 2011 and it’s interesting to see how banking software have evolved in Nigeria since then. The choice of core banking software is not trivial and a wrong move can spell disaster. Banks are usually very conservative about who and what to choose; hardly do you see mavericks in this line of business.

And boy oh boy, these software can be so expensive but frankly I don’t know why they are. My experience with three of them have left me grossly unimpressed – buggy, poor user experience, lags years behind modern technology, lacks all the good features a proper human being desires, etc.

Meanwhile kindly pardon my unusual curiosity about things like this.

Access Bankwww.accessbankplc.comFLEXCUBE
Diamond Bankwww.diamondbank.comFLEXCUBE
Fidelity Bankwww.fidelitybank.ngFinacle 7
First Bank of Nigeriawww.firstbanknigeria.comFinacle 10
First City Monument Bankwww.firstcitygroup.comFinacle 10
Guaranty Trust Bankwww.gtbank.comBasis
Heritage 10
Skye Bankwww.skyebankng.comFLEXCUBE
Stanbic IBTC Bankwww.stanbicibtcbank.comFinacle 10
Standard Chartered
Sterling Bankwww.sterlingbankng.comBanks
Union Bankwww.unionbankng.comFLEXCUBE
United Bank for Africawww.ubagroup.comFinacle 10
Unity Bankwww.unitybankng.comBanks
Wema Bankwww.wemabank.comFinacle 10
Zenith Bankwww.zenithbank.comPhoenix

The software Lineup

In 2011Now 2016
  • Finacle – 7 (29%)
  • FLEXCUBE – 7 (29%)
  • Globus/T24 – 4 (17%)
  • Basis/Banks – 3 (13%)
  • eBBS – 1(4%)
  • Equinox – 1 (4%)
  • Phoenix – 1 (4%)
  • Finacle – 7 (37%)
  • FLEXCUBE – 6 (32%)
  • Basis/Banks – 3 (16%)
  • T24 – 1 (5%)
  • eBBS 1 (5%)
  • Phoenix – 1 (5%)

Notes *

  • Skye Bank dropped Finacle when it acquired Mainstreet Bank (which was Afribank in 2011)
  • Finacle lost a site when Heritage Bank, which wasn’t even in existence in 2011, bought Enterprise Bank. Enterprise Bank was Spring Bank in 2011
  • FLEXCUBE lost a site when Access Bank took over InterContinental Bank

More About The Core Banking Software

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.

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


Comments 4

  1. Jàgùd wrote:

    Kabiesi o.

    baba ooooooo

    thank you for pointing out all this information. But you didnt break down each of the software functionalities and why some banks choose one over the other.

    which gives more bang for buck and what are the security hilights? points i am passively curious about ( i dont want to be arrested for intentions)

    I believie Banking software is just scratching the surface of software and banks romance.

    what about the the ancillary services which integrate with the core-baking applications for internet banking, e-mail + sms alerts, clearing,SWIFT and other jazzy services.

    as the markets evolve with products + services scrambling to keep up to the market taste, i beleve banking software suites will also evolve.

    Some of these core baking software is really boring by the way, the developers should sit with some of these tellers and discuss how to make the screens graphical user interface “cheerful and bright”

    i am Jàgùd
    Olori gbogbo bad guys

    Posted 29 Mar 2016 at 11:03 am
  2. Roger wrote:

    Zenith Bank in Ghana, a subsidiary of the universal bank in Nigeria, has recently started a core banking upgrade project to Kuwait-based ITS’s Ethix core banking solution, from the supplier’s older Phoenix platform.

    Posted 19 Oct 2016 at 8:31 am
  3. Idechi Amucheazi wrote:

    Hi, This is an impressive reaseach… Do you have anything for MFBs or Finance Houses?

    Posted 09 Apr 2018 at 12:45 pm
  4. Adédèjì Olówè wrote:

    Unfortunately, no. Microfinance Banks are big but apart from few, mostly inconsequential so integration with them or even knowing their backend may not take you far.

    Posted 10 Apr 2018 at 4:41 pm

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