Nigerian Zenith Bank has signed a historic agreement with OracleFS to revamp its core banking systems and commercial finance operations.
The bank, established in 1990, is one of the largest lenders in English-speaking West Africa. It has assets of approximately $ 16.1 billion and sales of $ 854 million. Zenith is currently working on Finastra’s Fusionbanking Essence platform, which was installed when the company was still known as Misys. Zenith started an operational standardization project in 2017 after signing an agreement with the then Misys in 2015.
The 2015 deal was a milestone for Misys at the time, with an estimated value of $ 38 million according to fintech futures sources. These included Nigeria, Ghana, Sierra Leone, Gambia, and the United Kingdom. Now the Nigerian bank is taking its steps back. Oracle will replace the previously installed Finastra systems and services. He beat the Infosys Finacle competition to win the deal.
FinTech Futures is aware that the launch could become one of the biggest new offerings for Oracle in recent years. Oracle has received a handful of amazing new offerings so far this year. He signs a loan agreement with AT&T and implements various systems at the Central Bank of Egypt. Earlier this month, Fintech Futures discovered that the seller had entered into a two-way deal with one of Kuwait’s largest lenders, Gulf Bank.