FinBank: A Reputed Name in East Africa

FinBank S.A. was founded in 2000 as a leasing company, then functioning as Finlease. It was turned into a full-fledged commercial bank in 2003, and its name was changed to FinBank S.A. (“FB”). Following a successful expansion period, Access Bank Plc (“AB”), a Nigerian bank, purchased a majority share in FinBank in 2008. FinBank’s business focus was corporate banking under Access Bank. Moreover, it drew on its parent company’s experience to bring its internal processes and regulations up to international standards. FinBank S.A was acquired from Access Bank in 2014 by Dillux S.A. This Mauritius-based investment company invests in a variety of sectors in East Africa and the Great Lakes region. Under the auspices of Dillux S.A. The bank was re-capitalized under Dillux S.A., and it began diversifying its business model by investing in technology, developing the retail bank, and streamlining the corporate department.

Upgrade to a New Era of Banking

Earlier, FinBank Burundi used the Oracle Flexcube Core Banking Solutions 7.1 , which is more than a decade old software. However, in collaboration with WeCodee, FinBank decided to upgrade and overhaul its core banking solution to its latest version of Oracle Flexcube. As a result, WeCodee, a Platinum Partner of Oracle has upgraded the Bank’s entire Core Banking solution from the older version 7.1 to the Oracle Flexcube 14.3 and OBPM 14.5. This entire process of digitization and up-gradation of CoreBanking, DigitalBanking, Channels, Hardware and TechStacks was completed within seven months, which is pretty fast compared to industry standards. The core banking up-grade was started in October 2021 and went live with much fanfare on 11-April-2022. Oracle Flexcube 14.3 and OBPM 14.5 help the banks meet the requirement to increase client intimacy and competitive edge through cost-effective solutions while sticking to the stringent expectations of a dynamic regulatory environment. Moreover, the upgrade has also decommissioned External System’ Microbanker’ and migrated into Flexcube 14.3. It enabled the bank to integrate mobile, internet, and agency banking within their financial services. FinBank Burundi’s banking systems are now also integrated with third-party applications and payment gateways. It means that customers can now also avail of financial services using third-party channels.

WeCodee Continues to be a part of the Bank’s Digital Journey

WeCodee understands that the digitalization journey is a long and ever-building process. Upgrading the Core Banking is just a first step in Digitalizing the bank. Thus, the IT solutions company continues to implement furustic solutions for the Bank to ensure that the FinBank is technologically advanced with any other Banking system in the world.

The Bottom Line

This strategic partnership between FinBank Burundi and WeCodee Innovations Pvt. Ltd. is set to change the face of banking in East Africa. Consumers’ day-to-day interactions will be personalized, and their financial well-being will be improved. We welcome Finbank to the New Digital ERA with New Version of oracle Flexcube Core banking system and Wecodee’s futuristic Solutions.