Centenary Bank, one of Uganda’s leading financial institutions, has announced a strategic partnership with Oracle, a global leader in enterprise cloud solutions, to drive innovation and enhance the bank’s digital transformation.
This core banking partnership aims to improve efficiency, customer experience, and service delivery, ensuring technology sustainability for Centenary Bank.
Fabian Kasi, the Managing Director of Centenary Bank, highlighted the significance of this new Oracle initiative, describing it as a major undertaking for the bank. The project, which has an 18-month implementation timeline and a $14 million investment, emphasizes Centenary Bank’s commitment to continuous improvement and customer satisfaction.
Kasi expressed gratitude to Oracle for the partnership and acknowledged the critical role of the bank’s technology team in ensuring a smooth implementation. He praised their preparedness and dedication to the project’s success.
The launch is designed to bring significant improvements in operational efficiency, customer experience, technological advancements, and data-driven customer service strategies.
Kasi emphasized the transformative potential of the partnership, noting that it will greatly enhance the bank’s ability to serve its customers more effectively.
The project will revolutionize Centenary Bank’s core banking operations, payment systems, digital banking for retail and corporate clients, trade processes, banking origination, branch operations, leasing services, state-of-the-art fraud detection, and compliance management.
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Upender Singh, Senior Sales Director for Africa at FSGIU at Oracle, expressed his excitement about the partnership, stating that Oracle FLEXCUBE continues to dominate the banking sector in Africa.
He highlighted that this groundbreaking collaboration with Centenary Bank solidifies Oracle FLEXCUBE’s position as the number one core banking provider in Uganda.
Centenary Bank, with over 2.5 million customers with an asset base of UGX 6.4 trillion, 80 branches, 192 ATMs, over 7,400 Agents and several digital channels across Uganda, has a strong focus on microfinance.
The bank previously used the Equinox platform from Neptune Software, which was replaced by Intrasoft International’s Profits core banking system. However, the partnership with Oracle marks a significant shift in Centenary Bank’s technological landscape, as it aims to leverage Oracle’s expertise and solutions to drive its digital transformation.
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