MyBucks Banking Corporation implements Flexcube core banking system
MyBucks Banking Corporation, a new banking entity in Malawi, has signed for Oracle FSS’s flagship core banking offering, Flexcube, as its new core processing system. The bank also took Oracle Banking Digital Experience for the front-end.
MyBucks, formerly known as New Finance Bank, opened for business in Malawi in mid-2015. It has ten branches and over 100 outlets/points of representation in the country and employs 200+ people.
The bank is owned by MyBucks S.A., a fintech company that operates in twelve African countries and in Australia through its brands Fair Go Finance, GetBucks, GetSure, MBC, and Opportunity Bank. The group offers credit, banking solutions and insurance products.
Elsewhere on the continent, Access Bank, a notable regional banking player and a long-standing customer of Oracle FSS, has renewed and extended its use for Flexcube. Access Bank, which as presence across 12 countries and services 31 million customers, uses Flexcube for universal banking operations.
Fidelity Bank in Ghana is also understood to have extended its contract with Oracle FSS, with commitment to Flexcube core, digital channels, payments, corporate lending, credit facilities process management, enterprise limits and collateral management solutions. Fidelity is a domestic universal bank and has been on the Oracle’s client list since its inception in 2006, to FinTech Futures‘ knowledge.
Another upgrade of an existing relationship is with Dhanlaxmi Bank in India. This domestic bank services retail, corporate, SME, micro entities as well as agribusinesses and diasporas across its 630-branch network. According to the new deal, Dhanlaxmi will refresh its core, payments and analytical applications.
According to its latest financial results – for Q2 fiscal year 2020 (the quarter ended 30 September 2019) – Oracle FSS signed licence deals worth $12 million in that period.