Atlantic Financial Group picks Oracle’s Flexcube
The Atlantic Financial Group in Central and Eastern Africa has selected Oracle Financial Services and its Flexcube banking system.
FinTech Futures understands that Oracle beat out competition from Temenos and its T24 Transact system, which is deployed at the similarly-named Banque Atlantic in the Cote d’Ivoire.
The system will be rolled out across branches of the group in multiple countries, including Cameroon, Mali, Burkina Faso, and Guinea.
Founded in 1978 and headquartered in Cameroon, the group has an emphasis on retail banking, and maintains a subsidiary network of banks across the Central Africa and East Africa regions, as well as in the US. It is understood the group will undergo a rebrand, to be known as AFG Bank.
The deal was finalised by Koffi Léon, chairman of the Atlantic Financial Group, and Sonny Singh, senior vice-president and general manager of the Oracle Financial Service Global Business Unit.
Oracle & Atlantic Financial Group sign a tech agreement
Atlantic Financial Group is also understood to be in discussions with France’s BNP Paribas regarding the acquisition of three African subsidiary banks owned by the latter. BNP Paribas put its three subsidiaries – in Guinea, Burkina Faso and Mali – up for sale last year. It was reported by Jeune Afrique Business that the French bank had been asking around $100 million for these, and that Atlantic Financial Group and Lilium Capital were in the running for the deal.
Oracle, for its part, has won a bevy of new deals in Africa in recent months, including wins in Djibouti with Salaam Bank, Balad Bank and Nile Bank in Sudan, Andalus Bank in Libya, and Dahabshil Bank International in Somalia.
