Zenith Bank of Nigeria has signed a groundbreaking contract with Oracle FS to overhaul its core banking system and trade finance operations.
Founded in 1990, the bank is one of the largest lenders in Anglophone in West Africa. It has assets of approximately $ 16.1 billion and revenue of $ 854 million.
Zenith now runs on Finastra’s Fusion banking Essence platform, which was installed when the company was known as Misys.
Zenith embarked 2017 overall operational standardization project, Signed a contract with Misys at that time in 2015.
The 2015 deal was a major milestone for Misys at the time and is worth an estimated $ 38 million. Fintech Futures sauce covered Nigeria, Ghana, Sierra Leone, The Gambia and the United Kingdom.
Today, Nigerian banks are following that path. Oracle is configured to replace previously installed Finastra systems and services. You have won the competition with Infosys Finacle to win the deal.
FinTech Futures We understand that the deployment could be one of Oracle’s biggest new name transactions in the last few years.
Oracle has won several major new transactions so far this year. Signed Loan agreement with AT & T And some system implementations Central Bank of Egypt.
At the beginning of the month Fintech Futures discover what the vendor had won a front-to-back transaction With Gulf Bank, one of Kuwait’s largest lenders.