LAPO Microfinance Bank Considers Oracle’s Financial Service Solutions

Nigeria’s largest microfinance bank, LAPO with over four million customers, is implementing a range of Oracle Financial Services’ software, including the Flexcube core banking system, Oracle Banking Digital Experience and Oracle Banking Payments.

Oracle Financial Services Software Limited is a subsidiary of Oracle Corporation. It is an IT solution provider to the banking industry

It is also interesting to note that Oracle enables retail banking, corporate banking and insurance technology solutions for the digital age, providing analytical insight for clients.

LAPO Microfinance Bank is understood to be replacing a number of legacy solutions, including the Rubikon and Orbit-R core banking products from Neptune Software and Abacus from Fern Software.

Similarly, Titan Trust Bank in Nigeria also signed for Flexcube, as exclusively reported by FinTech Futures in 2019.

Elsewhere across Africa, new Flexcube takers include Salaam African Bank in Djibouti, Nile Bank in Sudan, Andalus Bank and Yaqeen Bank in Libya, Dahabshil Bank International in Somalia, MyBucks in Malawi, Atlantic Financial Bank in Cameroon, and Senegal Post Bank in Senegal.

Also, the Central Bank in Libya is upgrading its current Flexcube solution (the bank is a long-standing user of Flexcube).

“Africa continues to be at the forefront of innovative inclusive banking, and we are poised to support our banking customers as they continue to modernise and expand their digital offerings,” comments Sonny Singh, senior vice-president and general manager, Oracle Financial Services.

The vendor says that more than 10% of the world’s consumer bank accounts are powered by Flexcube.