Salaam Africa Bank in tech overhaul with Oracle
EXCLUSIVE: Oracle Financial Services is understood to have onboarded a new client, Salaam African Bank in Djibouti.
FinTech Futures understands the implementation includes Oracle’s flagship core banking offering, Flexcube, as well as the software for digital banking front-end, payments, trade finance, credit facilities process management, and analytical applications.
Salaam African Bank has been operating since 2008. It provides retail, corporate, investment and diaspora banking. According to its website, it “strives to be the pioneer of business ethics compliant services through the use of state-of-the-art technology and up-to-date financial services”.
Salaam African Bank is part of the Salaam Group, which has six financial institutions in its portfolio, namely Taaj Services (money transfer/remittances) in Djibouti, Salaam Somali Bank in Somalia, Salaam Investment Bank in Kenya, International Payment Services (IPS, a third-party payment processing company) in Bahrain, and Phoenix Commercial Bank in South Sudan.
It is believed the deal with Oracle is group-wide.
“We’re seeing a lot of momentum at the moment,” the vendor tells FinTech Futures, noting that Africa is “a fast-growing and exciting region”.