Supporting indigenous software would reduce the pressure on forex by the banks that have developed tastes for acquiring and maintaining offshore core applications from India
Japa. Four words. Different connotations. For some, it is an escape, an escape from hazy goals, unmet expectations, missed opportunities, and an entrance into the warm embrace of paradise. For others, japa is an opportunity to see the world. Be free. Be more. For some, it is a mirage: an elusive smoke, hazy, misleading yet distant. However, for those who have decided not to japa, it could be a dream come true.
Many Nigerians are exporting their skills abroad without leaving Nigeria. In Europe, Asia, Mexico, and America many technology companies are working remotely with brilliant Nigerians who live in Nigeria. This foreign legion understands that to work with the best Nigerian engineers, do one thing: Get them from Nigeria. These experts-for-hire work with high-value firms offering opportunities and improving efficiencies.
On The On-Hand
If your dream is japa or sapa, the grass is relatively green. Many years back, Nigerian banks deployed foreign core banking applications. Finacle. Flexcube. Fiserv. Temenos etc. These are foreign legions. Because of our penchant for Made-in-Oyinboland, we have contributed to the size of the core banking software market. Artur Nesterenko of Dashdevs – the creative technical minds behind clean code – wrote that the market size has grown from $12.45 billion to $13.63 in 2024.
On The Other Hand
As an integrated technology platform that manages and automates banking operations, core banking is a distinct B2B service provided by licensed financial institutions. It integrates with an external application. It is in the back end. Bank customers do not know the difference. It is akin to driving a compressed natural gas-engine bus and a fuel-powered commercial bus. The passengers do not care. They want to commute with ease.
In The Long Term
Meanwhile, things have changed. Nigerian banks are looking inward. They are embracing sapa – running back home – but some still favour foreign applications. GTB, for instance, has switched to Finacle, which costs ₦25 billion in annual licence fees. First Bank, UBA, Access Bank, and Zenith Banks are on the same route.
Sterling Bank has dropped T24 from Temenos. It uses SEABaaS. A new custom-built application. Developed by the best Nigerian engineers. Sterling is marketing this app to some of the banks with the view to recouping its investment.
A friend hinted that some technology start-ups have been revolutionizing the digital banking arena. Without giving a name, he said the start-up designed and built a complete suite of digital banking products comprising retail onboarding, Internet banking, and mobile apps for retail and corporate customers. This has replaced the foreign applications bought by one of the ‘’banks a few years ago’’.
According to him, these indigenous applications have been running for over three years with more than 500,000 mobile users and 10, 000 corporate customers. The tech start-up has replicated its success in more than seven new commercial banks. It provides a suite of reliable, affordable, and secure digital financial solutions that are empowering these banks and their customers.
‘’My brother, think about how much savings, about 5 million dollars, this tech start-up has saved for the seven banks. These banks do not need to acquire foreign digital banking suites’’. My friend added that we should promote and support indigenous applications as our contribution to reducing the increasing pressure on forex by banks and corporate organisations that have developed a taste for acquiring and maintaining offshore applications from India and other countries.
As a CEO of a technology company shared recently, the trick with being a product provider is staying around for the long term. ‘’We have indie engineers who can build excellent applications that can function in sophisticated environments, support multiple customers on different versions, adapt to changing customer demands and ambitions etc. Our indie software can roll out a year product map that will satisfy new and old customers five years from now and build a reliable ecosystem.’’
In The Short Term
What is your taste? Entertainment. Travel. Real Estate. Japa or sapa? We have the indigenous capacity to suit your needs.
