Appzone relaunches BankOne, a digital core banking solution –
Appzone, the pan-African fintech software provider that builds proprietary solutions for the continent’s banking and payments sectors, announced the pan-African launch of BankOne, its core digital banking solution now redesigned to serve the world’s leading fintechs, neobanks and challenger banks. continent. .
BankOne’s relaunch follows Appzone’s Series A increase in April 2021, the largest locally driven increase in Nigeria, which repositioned the organization to roll out new, innovative offerings that help financial institutions run smoothly. fully digital and automated way.
Having previously developed functionality to automate and execute traditional banking operations, Appzone is now deploying BankOne as a platform for technology-driven financial institutions that intend to take a 360-degree digital approach that does not involve no physical branches or human interaction.
Originally launched in 2011, BankOne is delivered and managed by Appzone Core, a subsidiary of the Appzone group.
The platform played an important role in the first phase of digitization of the Nigerian financial sector and gained prominence and adoption as digital challengers and neo-banks began to emerge.
As Africa rapidly accelerates towards a fully digital banking future, BankOne is able to provide affordable and purpose-built digital infrastructure to enable this transition.
Speaking on the relaunch of BankOne, Appzone Core CEO Mudiaga Umukoro said: “For more than a decade, BankOne has played an active role in the digitalization of the financial services sector in Nigeria.
“The platform has now been repositioned to serve the growing number of FinTechs and neobanks on the continent.
“The main advantages of BankOne are its suitability for the market and its affordability, which allows financial institutions to offer highly relevant products at a fraction of the cost while taking advantage of our many integrations with traditional payment systems to achieve instant interoperability with other industry players at no additional cost. “
Driven by emerging economic and workplace realities due to the Covid-19 pandemic, the African financial sector has aggressively embraced digital banking, with more individuals and organizations bypassing structures physical, paper traces and physical money in favor of digital self-service offers. devices. As the continent’s traditional banking system continues to evolve, adopting new platforms, technologies and architectures, the continent’s fintech technology offerings will revolutionize the customer experience, lower operating costs and accelerate inclusion. financial.
BankOne provides features that enable digital banks to engage customers and deliver services without human interaction.
BankOne provides digital equivalents of all product offerings, including account opening, card issuance, deposits, payments, and loan origination, among others.
The platform also provides an open platform with robust development tools and APIs to support the level of innovation and agility required in a highly dynamic and rapidly changing environment.
Additionally, Appzone Core has positioned the new offering to support the digital transformation efforts of traditional banks, many of which are still stuck with legacy systems that limit their ability to compete effectively.
With operations in Nigeria, Ghana, The Gambia and Kenya, BankOne currently hosts over 10 million customer accounts with balances totaling $ 105 million while managing over $ 650 million in annual loan disbursements and 2, $ 9 billion in total transaction value.
In addition to managing customer records, loans, deposits and accounting, BankOne provides an omnichannel self-service platform, USSD interfaces, payment ecosystem integration, agent banking capabilities and card management services.
These features are available to fintechs like digital lenders and neobanks, as well as traditional banks like MFIs, mortgage banks, consumer lenders, and commercial banks.
Currently, challenger and traditional banks in Africa are limited to using foreign technology solutions suited to Western markets, and many of these solutions are hampered by prohibitive prices, a poor fit with the market, and a lack of local technical support. .
The main differentiation of BankOne lies in its tailored functionalities and its integrations with the local ecosystem of third-party services.
These features, in addition to the ease of customization and the availability of local support, ensure that the platform seamlessly connects to the needs of African banks and fintechs.