Core Banking Application, or CBA, is that monstrous piece of system that powers every bank, big or small. I have been tracking what each Nigerian bank uses for a few years now. As invisible as it is for most bank customers and humans, it’s a major determinant for fintechs and those who integrate with banks in one form of the other.
A few things have happened since I last wrote about the core banking applications used in Nigerian banks in April 2011 and March 2016.
So, if you are an aspiring payment services provider or a new switch, here’s your list as of 2020. Wishing you a mighty dose of good luck.
| Bank | 2016 | 2020 |
| Access Bank | FLEXCUBE | FLEXCUBE |
| CBN | Temenos T24 | |
| Citibank | FLEXCUBE | FLEXCUBE |
| Coronation Merchant Bank | Finacle | |
| Ecobank | FLEXCUBE | FLEXCUBE |
| FBNQuest Merchant Bank | Finacle | |
| Fidelity Bank | Finacle | Finacle |
| First Bank of Nigeria | Finacle | Finacle |
| First City Monument Bank | Finacle | Finacle |
| FSDH Merchant Bank | FLEXCUBE | |
| Globus Bank | Finacle | |
| Guaranty Trust Bank | Basis/Banks | Basis/Banks |
| Heritage Bank | Finacle | Finacle |
| Jaiz Bank | iMAL | |
| Keystone Bank | Temenos T24 | Temenos T24 |
| Nova Merchant Bank | Intellect Design Arena | |
| Polaris Bank (previously Skye Bank) | FLEXCUBE | FLEXCUBE |
| Providus Bank | Basis/Banks | |
| Rand Merchant Bank | TCS Bancs | |
| Stanbic IBTC | Finacle | Finacle |
| Standard Chartered Bank | eBBS | eBBS |
| Sterling Bank | Basis/Banks | Temenos T24 |
| Suntrust Bank | Basis/Banks | |
| TAJBank Limited | SOPRA (Amplitude) | |
| Titan Trust Bank | FLEXCUBE | |
| Union Bank | FLEXCUBE | FLEXCUBE |
| United Bank for Africa | Finacle | Finacle |
| Unity Bank | Basis/Banks | Basis/Banks |
| Wema Bank | Finacle | Finacle |
| Zenith Bank | Phoenix | Finastra (Phoenix) |
How has the software faired and now stack up?
| In 2016 | Now 2020 |
| Finacle – 7 (37%) | Finacle – 10 (32.26%) |
| FLEXCUBE – 6 (32%) | FLEXCUBE – 8 (25.81%)) |
| Basis/Banks – 3 (16%) | Basis/Banks – 4 (12.90%) |
| Temenos T24 – 1 (5%) | Temenos T24 – 3 (9.68%) |
| eBBS 1 (5%) | Finastra – 1 (3.23%) |
| Phoenix – 1 (5%) | eBBS – 1 (3.23%) |
| iMAL – 1 (3.23%) | |
| Intellect – 1 (3.23%) | |
| TCS Bancs – 1 (3.23%) | |
| SOPRA (Amplitude) – 1 (3.23%) |
Additional Notes
- I have updated the list to include merchant banks and the country’s Central Banking Authority (CBN).
- Basis/Banks lost a site when Sterling Bank moved to Temenos T24 in November 2016. The bank was also considering Finacle from Infosys at the time.
More About The Core Banking Software
Finacle is a complete suite of banking applications 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 http://www.inntron.co.th/corebank.html.
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Is yahoo and hacking a legit work?
You mentioned in your other article that yahoo tops the list of big paycheck followed by oil and gas before banks. Pls explain
That’s me being sarcastic. Yahoo and hacking are crimes. Serious crimes with serious implications. I don’t support illegality in any and all forms.