Centenary Bank Embarks on Major Technological Transformation with Oracle FS Solutions

Centenary Bank

Summary:

  • Centenary Bank in Uganda is undergoing a significant tech overhaul with Oracle FS solutions, including Flexcube core banking. This move aims to modernize operations and enhance services, replacing their aging system. Integration partners Profinch and Four Corners Transform are on board. Flexcube’s established presence in Uganda, used by key institutions, validates its suitability.

KAMPALA, (Examiner) – Centenary Bank, a prominent financial institution in Uganda, is embarking on a substantial technological metamorphosis to enhance its operations and services. In a strategic move, the bank has opted for a comprehensive suite of solutions from Oracle FS, a leading provider in the fintech sphere. Among these solutions, the flagship Flexcube core banking system stands out as a pivotal component of Centenary Bank’s transformation journey.

This decision came after a rigorous selection process, indicative of Centenary Bank’s commitment to adopting cutting-edge technologies. Notably, contenders such as Infosys Finacle and Temenos were also considered, underscoring the bank’s thorough evaluation of available options.

The implementation of the Oracle FS suite marks a significant advancement for Centenary Bank across various facets of its operations. This includes bolstering core functionalities, streamlining payment processes, fortifying digital interfaces for both retail and corporate banking, optimizing branch operations, facilitating origination processes, enhancing leasing capabilities, fortifying fraud detection mechanisms, and ensuring adherence to compliance standards.

The transition is imperative as Centenary Bank’s existing core banking system, provided by Profits from Netcompany-Intrasoft, is approaching a decade in service. Originally procured in 2014 and operationalized in early 2017, the legacy system is now poised for an upgrade to meet the evolving demands of the banking landscape. Notably, Oracle Flexcube was among the contenders during the initial selection process, underscoring its enduring relevance and robust features.

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To facilitate this transformation, Centenary Bank has enlisted the expertise of integration partners Profinch from India and Four Corners Transform from Uganda. This collaboration underscores the bank’s commitment to leveraging global expertise while also harnessing local talent and insights.

Oracle Flexcube enjoys a formidable presence within Uganda’s financial ecosystem, with esteemed users such as the Bank of Uganda, the nation’s central bank, as well as prominent institutions like the East African Development Bank, Ecobank, and Diamond Trust Bank. This widespread adoption underscores Flexcube’s reliability, scalability, and adaptability to the unique needs of diverse financial entities within the region.

Centenary Bank’s embrace of Oracle FS solutions signifies not only a technological upgrade but also a strategic move to fortify its position as a leading player in Uganda’s banking landscape. By investing in state-of-the-art infrastructure and partnering with industry leaders, the bank is poised to elevate customer experiences, drive operational efficiency, and foster sustainable growth in the ever-evolving digital era of banking.

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