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Centenary Bank embarks on tech overhaul with Oracle Flexcube core banking system

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.

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