10x Banking and HassemPrag Partner to Drive Core Banking Modernisation Across Africa

10x Banking and HassemPrag Partner to Drive Core Banking Modernisation Across Africa

Cloud-native core banking supplier 10x Banking has partnered with South African digital banking platform HassemPrag. The collaboration goals to present African monetary establishments with a de-risked path to changing legacy core technology.

Addressing regional pressures

Banks across the African continent are presently navigating mounting pressures from evolving local laws, rising fintech competitors, and the spiralling prices related to sustaining legacy programs. Consequently, investments in core infrastructure are surging, with the core banking software market in the Middle East and Africa projected to attain US$2.2billion by 2030.

To handle these pain factors, the joint proposition combines 10x Banking’s cloud-native infrastructure with HassemPrag’s regional experience and integration capabilities. The answer gives a modular structure, permitting banks to upgrade incrementally and keep away from dangerous “rip-and-replace” transformations.

For African banks, the partnership guarantees to:

Jayesh Prag, CEO of HassemPrag, commented: “Across Africa, the perceived risk of change has held banks back from much needed core modernisation. Our partnership with 10x Banking changes the equation by providing a unified digital banking platform that’s fast to deploy and proven at massive scale.”

Antony Jenkins, Founder & CEO of 10x Banking, added: “We’re enabling institutions to move away from legacy constraints and build smarter, more inclusive propositions for their customers. With access to this technology, more banks can launch new digital services in weeks rather than years, reduce complexity, and unlock a wave of growth in some of the world’s most dynamic markets.”

The partnership deepens 10x Banking’s current footprint in the area. The UK-headquartered agency is already working with Old Mutual, powering OM Bank, which is described as South Africa’s first absolutely digital financial institution.

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