Infosys-owned core banking software Finacle has been in the news lately for good reasons. Leading Nigerian banks, such as Guaranty Trust Bank (GTBank), are planning to migrate to the Finacle platform.
The Beginning
Finacle was created in 1999 as a core banking software suite. It has become the preferred platform for financial institutions, fintech organizations, digital-only banks, and non-financial companies. Today, financial institutions in over 100 countries rely on Finacle to help over a billion people and millions of businesses meet their financial needs.
First Customer: Comet Bank
In 2000, CWG signed its first contract with Comet Bank, a key milestone for both parties. With Finacle, CWG successfully implemented the new software at Comet Bank, paving the way for other banking institutions to consider Finacle.
Expansion and Success
Following the success with Comet Bank, CWG signed contracts with banks like Oceanic Bank and Standard Trust Bank. This led to Finacle becoming the most popular core banking software in Nigeria. In 2005, following banking sector reforms, the merger of major banks like UBA and STB chose Finacle as their core banking software. This solidified CWG and Finacle's position in the market.
The story of CWG and Finacle illustrates how passion, perseverance, and innovation can transform an entire country's banking industry. By successfully implementing Finacle, Nigerian banks achieved significant results in automating and enhancing their processes.
