Appzone Group creates Qore to provide technology to digitize banks in Africa.

Qore’s Banking as a Service platform is implementing the blueprint for the future of digital banking in Africa.

Appzone, the pan-African fintech software provider group, has announced that it is transforming its existing business banking-as-a-service (BaaS) platform into a new business entity (called Qore), to better digitize banks in Africa. and facilitate the emergence of a fully automated and connected financial ecosystem.

Formerly a collection of four distinct business divisions, the company is driving exponential growth in all-digital offerings for financial institutions on the continent. Some of the major commercial banks, Fintechs and Neobanks can take advantage of its platform for the delivery of innovative niche products.

Qore Co-Founder/CEO Emeka Emetarom, during a recent press conference in Lagos, says that the company will continue to empower financial institutions in Africa to become the most innovative and best-performing in the world.

As a game-changing banking innovator, Qore is enabling significant progress for a new era of fully digital banks in Africa. Over the past decade, we have played a leading and active role in driving the digitization of the Nigerian and African financial services ecosystem.

We are excited about what the future holds for us and digital banking in Africa, especially as we will now operate as a BaaS-focused business entity going forward.

Qore’s unique advantages are market fit and cost effectiveness, which allow financial institutions to offer highly relevant products at a fraction of the cost. We are also taking advantage of the platform’s many integrations with major payment systems for instant interoperability with other industry players at no additional cost.Emeka added.

Speaking about how the company is delivering value for the diverse scale of financial institutions in Africa, Qore co-founder/COO Mudiaga Umukoro says Qore has created the only truly cloud-native core banking and integrated channel solution. Africana, designed specifically for the African market.

We understand the realities of the African financial ecosystem, along with the constraints that prevent financial products in Africa from reaching their full potential and solving once and for all the age-old challenge of financial inclusion. This is why Qore is refocusing its efforts to drive limitless and effortless banking across the continent.. Says Mudiaga


Having fully digitized and automated the operations and products of almost 500 financial institutions on the continent, we are ready to take on the rest of Africa.Added Mudiaga.

Over the last 5 years, the financial sector in Africa has aggressively embraced digital banking, with more individuals and organizations bypassing physical structures, paper records and physical cash in favor of self-service offerings on digital devices. Currently, challenger and traditional banks in Africa are limited to using foreign technological solutions adapted to Western markets, and many of these solutions are hampered by prohibitive prices, poor market adaptation and lack of local technical support.

With operations in Nigeria and Kenya, and clients across the continent, including Ghana, The Gambia, the Democratic Republic of the Congo, Equatorial Guinea, Tanzania and Senegal, Qore supports the digital transformation efforts of traditional banks, many of which are still stuck with legacy systems. that limit their ability to compete effectively.

Since investing in Appzone, it has been remarkable to witness the growth and transformation of the business that has now led to the rise of Qore. We are even more excited to have a front seat at the table as Qore leads the way in redefining the future of digital banking in Africa. We are confident in the team’s ability to deliver on their bold vision of setting the path for effortless and unlimited banking for all of Africa.said Yomi Jemibewon, partner and managing director of CardinalStone Capital Advisers Limited.

Qore also powers an omnichannel self-service platform, USSD interfaces, payment ecosystem integrations, merchant service capabilities, and instant card issuance. In addition, the platform provides clients with modules that enable end-to-end loan automation, direct debit collections from multiple accounts, and agent banking. These functionalities are available to Fintechs like digital lenders and neobanks, as well as traditional banks like commercial banks, MFIs, mortgage banks, and consumer lenders.

The platform also takes advantage of the ease of customization and the availability of local support to seamlessly adapt to the needs of African banks and Fintechs.

Over the past decade, Qore’s remarkable impact on the Nigerian and African financial services ecosystem has earned the company recognition as the de facto provider of banking technology in the OFI segment, and Africa’s first and only Bank-as-a-Service (BaaS). Platform..

Other significant achievements for the company include creating Africa’s first cloud-based digital central banking and omnichannel software, launching Africa’s first self-service platform for instant debit card issuance, and creating the first and only correspondent banking automation platform with all Nigerian business services. integrated banks.

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