Centenary Bank Technology Transformation – Key Points:
- Bank Overview: Centenary Bank, one of Uganda’s largest banks, is undergoing a major technology transformation.
- New System: Signed for Oracle FS’s suite of solutions, including the Flexcube core banking system.
- Competitive Selection: Selection process included Infosys Finacle and Temenos.
- Scope of New Platform:
- Supports front-to-back office operations.
- Includes core banking, payments, digital front-end for retail and corporate banking, branch operations, origination, leasing, fraud detection, and compliance.
- Legacy System:
- Current system: Profits from Netcompany-Intrasoft.
- Signed in 2014, went live in early 2017.
- Netcompany acquired Intrasoft International in 2021 for €235 million.
- Integration Partners:
- Profinch (India-based).
- Four Corners Transform (Uganda-based).
- Flexcube in Uganda: Already used by the Bank of Uganda, East African Development Bank, Ecobank, and Diamond Trust Bank.
