Tanzania-based NMB Bank has gone live with a new core banking system, Oracle Flexcube Universal Banking 14.7.
Flexcube has replaced a legacy solution implemented by the bank 15 years ago. At the time, in 2011, NMB had around 1.8 million customer accounts. Today, this figure stands at ten million. The bank has also significantly grown its physical and digital coverage since then. Today, it operates a network of 248 branches, 735 ATMs, and 73,000 Wakala (Islamic banking) agents across the country, and employs 4,000+ staff.
The bank, which is part-owned by the Tanzanian government, aims to increase the number of accounts to 20 million by 2030, reports Business Insider Tanzania. It provides full-service banking to individuals, farmers, SMEs, corporates, institutions, and the government.
Ruth Zaipuna, CEO of NMB, described the migration to the new core as “the largest technology investment in the bank’s history”, Business Insider says. The project is a “strategic investment” into the bank’s future rather than just a replacement of a legacy platform.
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The implementation was carried out by Profinch, a long-standing integration partner of Oracle FS. According to Profinch, the programme covered 36+ business areas and 100+ customisations, tailored to NMB's business requirements.
The company’s other Flexcube projects in Africa include at Centenary Bank in Uganda, OMO Bank and ZamZam Bank in Ethiopia, and Union Bancaire pour le Commerce et l’Industrie (UBCI) in Tunisia.
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