Major Digital Transformation for Leading West African Lender
Zenith Bank, one of Anglophone West Africa’s largest lenders, has signed a landmark agreement with OracleFS to modernize its core banking infrastructure and trade finance operations. This strategic shift marks a major overhaul of Zenith’s banking technology across multiple countries, replacing its previous system provided by Finastra’s Fusionbanking Essence platform.
With $16.1 billion in assets and an annual revenue of $854 million, Zenith Bank’s decision to transition to OracleFS highlights its commitment to enhancing operational efficiency and digital banking services.
OracleFS to Replace Finastra Across Multiple Markets
Zenith initially partnered with Finastra (formerly Misys) in 2015, signing a $38 million deal that covered Nigeria, Ghana, Sierra Leone, Gambia, and the UK. The bank later launched an operations-wide standardization project in 2017 to streamline its technology infrastructure.
However, after years of running on Finastra’s Fusionbanking Essence, Zenith is now moving to OracleFS, a decision that comes after a competitive bidding process, where Infosys Finacle was a strong contender.
The migration to OracleFS is expected to be one of the largest banking technology upgrades in Africa in recent years.
OracleFS Expands Presence with Key Global Deals
Winning the Zenith Bank contract strengthens OracleFS’s position in the African financial sector. The company has also secured major global deals this year, including:
- A lending technology deal with AT&T
- Implementing multiple systems at the Central Bank of Egypt
- A front-to-back system overhaul for Kuwait’s Gulf Bank
This new partnership with Zenith Bank reinforces OracleFS’s role in shaping the future of banking in Africa.
