Financial service technology as a tool for African reliberation.
However, true liberation remains elusive due to economic dependency on Western powers, from a nation building perspective, and over reliance on western technology solutions and platforms by businesses. The automation of financial services delivery in Africa represents a surefire approach to drive economic growth and strengthen real economic independence. The high-level thesis supporting this assertion is that automation improves productivity and reduces cost, both of which directly translate to improved profits for businesses and tax revenue for governments, and indirectly support the provision of social amenities and the well-being of citizens. And because the financial services sector is the engine room of every economy, it is safe to say that achieving full automation in this sector has the potential to catalyze the rapid economic growth that is very much needed on the African continent. Unfortunately, most financial institutions in Africa, due to over dependence on western tech, lack fit-for-purpose core automation and digital channel solutions. Most of the western solutions in use are too costly to acquire or manage, and usually require complex, time consuming, and expensive customizations just to enable them work within the African context.
Luckily for us Africans, one company seems to have taken on the daunting task of breaking the western monopoly on financial services technology and liberating the continent from the shackles of neo colonialism. This company – Qore – is a Banking-as-a-Service platform that delivers a one-stop-shop for fully automated core and digital banking solutions. With a suite of integrated, modularized banking software functionality, and unrestricted API access, Qore aims to achieve end-to-end automation of financial institution operations and expose core services to end customers through multiple channels. The Qore platform includes modules for financial accounting, customer, wallet, and account management, product management, regulatory and IFRS report automation, mobile and internet banking, loan origination and automated repayment collection, machine learning-based loan repayment prediction, and more.
What sets Qore apart in the market is that it boasts of the only single-instance multi-tenant core banking system anywhere in the world, and its solutions, while home-grown, are
tailored to both African and global markets. Qore outclasses the competition by offering a core banking system pre-integrated with ancillary services, striking a balance between high-quality service and affordability, and delivering superior functionality, reliability, and customization flexibility.
By automating financial services across Africa, Qore, a company originally established in Nigeria, is determined to replicate the successes in industrialization achieved by Africa’s foremost industrialist, Aliko Dangote, in financial services software delivery. According to the company’s spokesperson, Qore expects to cut the cost of financial services software utilization by a minimum of 50% in every country in Africa, by deploying its cloud-based BaaS platform across the continent. The company is already dominant in Nigeria, servicing more than half of the 1,000 banks and fintech’s in the country and has commenced roll out of its services in Gambia, Ghana, Kenya, Tanzania, Senegal, Democratic Republic of Congo, and Ethiopia.
In conclusion, Africa’s liberation hinges on automation and self-reliance. By embracing digital innovation and partnering with Qore as the enabler, African countries can break free from economic bondage, realize their full potential, and emerge as leaders in the global economy. It’s time for Africa to “Automate to Liberate” and pave the way for a brighter future for generations to come.
Femi-Isaac Olatunji is a Pan-African technology writer and communications consultant. He writes from Lagos.
