In the past few months, the term 'core banking application' has become popular after major Nigerian banks announced their migrations. These migrations revealed the importance of a core banking application to financial institutions.
Out of the many providers of core banking solutions, Oradian stands out as a transformative force driving financial inclusion across emerging markets.
Launched in 2013 with a single customer in Bauchi State, Nigeria, this cloud-native core banking provider has been empowering financial institutions to overcome barriers and scale efficiently.
By focusing on markets like Nigeria, the Philippines, and Kenya, Oradian has positioned itself as a crucial partner for institutions seeking to reach underserved communities while utilising state-of-the-art financial technology.
During a media parley in Lagos on November 28, CEO and co-founder of Oradian Antonio Separovic said that the company's goal is creating financial inclusion that strengthens an economy in a manner that is "profitable and built on a very strong foundation."
This strong foundation is what Oradian provides for fintechs like Fairmoney. Making sure that the institution's core operations not only run smoothly but are also interoperable.
Oradian's focus on fintechs and microfinance banks in emerging markets has allowed it to build a system that is flexible enough to integrate with other institutions as most financial institutions today thrive on partnerships.
Its configurable cloud-based platform is designed to meet the needs of financial institutions in diverse and dynamic markets.
Its Software-as-a-Service (SaaS) model offers a single, adaptable codebase that supports scalability, enabling institutions to serve millions of customers while managing hundreds of millions of transactions seamlessly.
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The platform's flexibility allows for easy integration with existing systems because of what Separovic calls a single source code system, which allows clients like Fairmoney to push the limits of the system regularly.
Core banking for commercial banks
While Oradian is focused on microfinance banks and fintechs it has plans to also serve commercial banks in the future. For now, though, Oradian's core banking platform is more suited for fintechs because they have the agility and flexibility ingrained on the platform.
According to Separovic, "banks like to own everything," unlike fintechs that integrate, partner, and outsource to deliver services quicker.
Banks' approach to owning everything has to do with how they operate and their fundamental differences from fintechs.
Adewale Salami, Group CIO, of First Bank PLC said on a panel at the event that these differences stem from how banks are built. Their legacy systems are far more intricate and make them less flexible than fintechs.
In contrast, Renmoney CEO Kamal Boushi said he's all for outsourcing and focusing on the core value his company provides.
Other panellists — Pius Emeya, Head of IT, Access Bank PLC; Kazeem Noibi, VP of Technology, FairMoney, and Victor Asemota, Serial Entrepreneur and Investor, shared their views on cloud platforms and the evolving financial space.
As the space evolves, it is important that technology providers like Oradian are flexible enough to adapt.
