Oracle Financial Services Software (OFSS), with a growing presence in Africa, has signed lucrative contracts with banks in Sudan, Somalia, and Libya.Jan 14th 2020 · 1 min read
Oracle FSS is busy picking up a raft of business and partnership deals with banks across Africa. The company wrestled a deal, with Khartoum,Soudan-based commercial lender Balad Bank, from rival firms Temenos and Path Solutions. Oracle again beat out Temenos in the final selection to secure a contract with Libyan Islamic Bank Andalus.
The India-domiciled company was yet again the choice of Dahabshil International Commercial Bank International based in Somalia. A subsidiary of the DGH Group Dahabshiil, the bank has access to substantial foreign direct investments from the Gulf region.
Oracle Financial Services Software Limited is a subsidiary of US-based Oracle Corporation.
Established in 1991 and headquartered in Chennai, India, FSS is a digital payments and technology company offering an integrated portfolio of software products, hosted payments services, and software solutions.
FSS has grown to be a global IT solutions provider to the banking industry.
African AdventureIn the past few months, the company has raked in a whole slew of deal across the continent.
In November 2019, Sudan’s Nile Bank signed an accord with the US software firm for the provision of a mobile banking platform. The agreement was the first major American-Sudanese collaboration since the US removed most sanctions on the country in October 2017.
Then in early January 2020, MyBucks Banking Corporation signed for oracle’s core banking offering, Flexcube, as its core processing system. MyBucks is owned by MyBucks S.A., a South African fintech company with operations in a dozen African countries and in Australia.
Access Bank, a Nigerian multinational commercial bank, is another major Oracle customer in the region.
Staking a spot for the long haulOracle FSS has acquired a 46% stake, through primary and secondary investments, in Ecentric Payment, a South African subsidiary of Standard Bank.
Nagaraj Mylandla, managing director of FSS, said:
“We are pleased to joint Ecentric as an institutional investor in the company. We see the investment as an extraordinary opportunity to achieve a leadership position in the African payments space. The partnership will help us leverage mutual synergies to strengthen our presence in Africa’s largest markets and drive increased growth for FSS payments acquiring and other solutions.”
The combination of Oracle’s deep payments technology and Ecentric’s African market presence will facilitate the development of customised payments solutions as well as the development of a fintech hub for the African payments markets.