Centenary Bank embarks on tech overhaul with Oracle Flexcube core banking system
Centenary Bank, one of the largest banks in Uganda, has embarked on a major technology transformation. It has signed for a suite of solutions from Oracle FS, including the vendor’s flagship Flexcube core banking system.
Centenary Bank embarks on core transformation
It is understood the competitive selection process also featured Infosys Finacle and Temenos.
The new platform will support a wide range of front-to-back office operations at Centenary Bank, including core, payments, digital front-end for retail and corporate banking, branch operations, origination, leasing, fraud detection and compliance.
The bank’s legacy core banking system – Profits from Netcompany-Intrasoft (formerly Intrasoft International, a Greece-based banking tech provider acquired by Denmark’s Netcompany in 2021 for €235 million) – is nearing a decade. Centenary Bank signed for the system in 2014 and went live with it in early 2017. Oracle Flexcube was also evaluated during that selection, alongside a number of other international providers.
The integration partners for the latest modernisation project are India-based Profinch and Uganda-based Four Corners Transform, FinTech Futures understands.
Flexcube has a long-standing presence in Uganda, with users including Bank of Uganda – the country’s central bank – as well as East African Development Bank, Ecobank and Diamond Trust Bank.
