Appzone, a pan-African fintech software provider building proprietary solutions for the continent’s banking and payments industries, has announced the launch of BankOne, its digital core banking solution to serve the continent’s leading Fintechs, neobanks and challenger banks
Having previously built out functionality to automate and run traditional banking operations, Appzone is now deploying BankOne as a platform for technology-driven financial institutions intending to adopt a 360-degree digital approach that does not involve physical branches or human interaction.
Originally launched in 2011, BankOne is delivered and run by Appzone Core, a subsidiary of the Appzone Group. The platform played a significant role in the first digitisation phase of Nigeria’s financial sector and came to further prominence and adoption as digital challengers and neo-banks began to emerge.
BankOne is being positioned to provide affordable and purpose-built digital infrastructure as Africa accelerates towards a fully digital banking future.
Speaking on the relaunch of BankOne, the CEO of Appzone Core, Mudiaga Umukoro, said, “For over a decade, BankOne has played an active role in driving the digitisation of Nigeria’s financial services industry. The platform has now been repositioned to serve the continent’s growing number of Fintechs and neobanks.
“BankOne’s major advantages are market fit and affordability which allow financial institutions deliver highly relevant products at a fraction of cost while leveraging our numerous integrations with mainstream payment systems to achieve instant interoperability with other industry players at no extra cost.”
As the continent’s traditional banking system continues to evolve, embracing new platforms, technologies, and architecture, technology-driven offerings from Fintechs on the continent will revolutionise customer experience, crash operating costs and accelerate financial inclusion.
BankOne provides functionality that enables digital Banks to engage customers and deliver services without human interaction. It provides digital equivalents of all product offerings including account opening, card issuance, deposits, payments, and loan origination amongst others. The platform also provides an open platform with developer tools and robust APIs to support the level of innovation and agility required in a highly dynamic and rapidly evolving environment. In addition, Appzone Core has positioned the new offering to support the digital transformation efforts of traditional b anks, many of which are still stuck with legacy systems that limit their ability to compete effectively.
With operations in Nigeria, Ghana, Gambia, and Kenya, BankOne currently hosts over 10 million customer accounts with balances totalling US$105mn while managing over US$650mn in annual loan disbursements, and US$2.9bn in total transaction value.