Appzone Group, a Pan African fintech software provider has unveiled a new business entity called Qore to facilitate the emergence of a fully automated and connected financial ecosystem and also to better digitize banks across Africa.
Speaking at a press conference held in Lagos last week, Emeka Emetarom, co-founder and chief executive officer at Qore said the company will continue to empower financial institutions in Africa to become the best performing and most innovative in the world.
“Over the last decade, we have played a remarkable and active role in driving the digitization of Nigeria and Africa’s financial services ecosystem.
“We are excited about what the future holds for us and for digital banking in Africa, especially since we will now operate as a BaaS focused business entity going forward,” Emetarom said.
He said Qore’s unique advantages are market fit and cost-effectiveness which allow financial institutions to deliver highly relevant products at a fraction of cost.
“We are also leveraging the platform’s numerous integrations with mainstream payment systems to achieve instant interoperability with other industry players at no extra cost,” Emeka added.
In the last five years Africa’s financial sector has aggressively adopted digital banking, with more individuals and organizations bypassing physical structures, paper trails and physical cash in favor of self-service offerings on digital devices.
Currently, traditional banks in Africa are limited to using foreign technology solutions tailored for Western markets, and many of these solutions are hindered by prohibitive pricing, poor market fit and a lack of local tech support.
The company has built the only truly African cloud-native core banking and integrated channel solution, tailored specifically to the African market, said Mudiaga Umukoro, co-founder and chief operating officer at Qore.
“We understand the realities of the African financial ecosystem, alongside the limitations that are preventing financial products in Africa from reaching their full potential and solving once and for all, the age-old Financial Inclusion challenge.
“This is it is refocusing its efforts towards powering effortless and limitless banking across the continent,” he said.
With operations in Nigeria and Kenya, and clients across the continent including Ghana, Gambia, Democratic Republic of Congo, Equatorial Guinea, Tanzania, and Senegal, Qore is supporting the digital transformation efforts of traditional Banks, many of which are still stuck with legacy systems that limit their ability to compete effectively.