By Daniel Muwanguzi
Centenary Bank, the largest commercial microfinance bank in Uganda, successfully announced the on boarding of the new core banking system, Flexicube. This project is expected to run for 18 months from implementation to live cutover.
The new system, worth 14 million US dollars, promises to enhance system stability, operational efficiency, improve customer experience, and drive innovation in the banking sector.
The implementation of the Flexcube Banking System was driven by the need to stay ahead of the business’ rapid growth and dynamic needs. According to Fabian Kasi, Managing Director of Centenary Bank, “Our decision to adopt the Flexi-cube Banking System was driven by the need to stay ahead of the rapid growth and dynamic needs of our business, and we needed a more robust solution to remain competitive.”
“Our strategy as a bank is to become a smart bank where we expect our customers to operate seamlessly, either through their phones as they have been doing, but now in a much better way, or by going to our agents and being served instantly, using internet banking wherever they are, at their convenience. They will access money, send money, and apply for loans. Those applying for loans will have instant loan origination, and we expect the time it takes to access a loan to become much shorter with this system,” he added.
The Flexcube Banking System brings many benefits thatsignificantly enhance the bank’s operations and customer experience. The system’s automated archiving feature will reduce manual workload and increase data retrieval efficiency.
The reusable APIs will streamline integrations with all third-party systems, making operations more cohesive and efficient. The system’s intuitive web-based interface will offer a user-friendly experience, making banking more accessible and enjoyable for customers.
The launch of Flexcube is part of Centenary Bank’s Smart Bank agenda, which envisions a centralized ICT system with automated processes, increased use of data analytics, and a 360-degree view of customers.
Kasi expressed his gratitude to all stakeholders involved in the project, including the bank’s board, executive management, staff, and partners such as Ernst and Young, Centenary Technology Services, Oracle, Profinchand Four Corners Transform Ltd.
“This monumental achievement would not have been possible without the dedication and collaboration of our various stakeholders,” Kasi said. “We are setting a new standard in banking, and I am excited about the future we are building.”
The successful implementation of the Flexcube Banking System is a testament of the bank’s commitment to innovation and customer satisfaction. Centenary Bank is confident that this new system will enable it to deliver unparalleled services to its customers and remain competitive in the banking industry.
Centenary Bank is the leading commercial microfinance Bank in Uganda, with 80 branches, 205 ATMs and over 7,400 agents across the country. The Bank serves over 2.5 million customers, which is a quarter of the total banking population in Uganda. Its mission is “To transform lives through inclusive sustainable financial solutions especially in rural areas.”