DFCU in $20m upgrade of Infosys’ Finacle core banking system
Uganda-based DFCU Bank is also upgrading its core banking software to the tune of $20 million.
Banking Technology understands DFCU will be moving from version 7 of its Infosys’ Finacle core banking platform to version 10.
DFCU implemented Finacle around seven years ago.
Also, DFCU is in the process of incorporating the assets and liabilities of a defunct domestic bank, Crane Bank. Crane Bank’s operations will be moved onto Finacle as well, it is understood.
Crane Bank had been using the Bankmaster core system from Finastra (formerly Misys) for a number of years. In 2013, it embarked on a core software replacement project with Temenos and its T24 platform, but this project did not come to fruition as the bank collapsed amidst allegations of corruption and fraud.
DFCU is a mid-tier player in the Ugandan banking market. It has assets of $975 million, 68 branches and 600 employees.