We are proud to be at the forefront of financial services technology infrastructure and innovation
Obi Emetarom, CEO and Co-Founder Qore.
Qore, Africa’s leading Banking -as-a-Service platform provider. proudly announces the successful completion of the inaugural Nexus 2023, a transformative customer experience event, held in Lagos to showcase Qore’s innovative suite of software solutions, while offering attendees a glimpse into the future of technology for financial services. Below is the interview with Qore’s CEO and Co-Founder, Emeka Emetarom, after the event.
What is the rationale behind Nexus 2023 and what does Qore hope to achieve with the event?
• We are proud to be at the forefront of financial services technology infrastructure and innovation. With a strong presence in Nigeria, we have established partnerships with over 500 financial institutions and fintechs, offering comprehensive core banking and self-service channel solutions. Additionally, our platform is utilized by all major commercial banks in Nigeria, further expanding our reach and influence within the market.
Recognizing our role and responsibility within the industry, we have taken it upon ourselves to foster innovation and drive positive change. We believe that our ability to innovate can significantly impact the financial services sector. Therefore, we have embarked on a mission to unite the industry, bringing together our existing clients and other stakeholders, while showcasing our capabilities and expertise. Our objective is to create a collaborative platform that encourages knowledge sharing and facilitates the advancement of technology in the banking, finance, and payments ecosystem. By providing intellectual property and capacity support, we aim to drive the future of the industry and contribute to its growth and development.
Across your stakeholder universe, what is the benefit of an initiative like Nexus to your clients, partners, and other technology providers?
We are evolving into a platform; the slogan on our website is ‘Build tomorrow today”. What this means is that rather than simply being a software solutions provider, we are creating a platform that banks, fintechs, and third-party value-added service providers will be able to build their businesses on. This platform includes enablement through API’s (application programming interfaces) for developing new banking value propositions, financial services, and even entire products that can be integrated into any of our system and automatically made available to our clients and, in some cases, their end customers. Our approach is centered around openness and transformation.
During the product demos at Nexus 2023, you may have noticed similarities between the solutions showcased by our partners and our own offerings. This is because we do not believe in restricting people; we do not believe in restricting people; we believe that a diverse range of solutions benefits the industry as a whole. By connecting with us, our partners gain immediate access to a vast customer base. Just imagine the time and effort it would take to sell a solution to 500 institutions and integrate with each one individually as a value-added service provider. We have already done that hard work and heavy lifting, so why not leverage a single socket connection to us and gain access to our ever-expanding ecosystem of clients across the continent? For banks, this means an even more enriching experience.
What impact would Nexus have on financial inclusion across Africa?
• Firstly, Nexus would create an environment conducive for the exposure and adoption of technological advancements. Thus, enabling numerous financial institutions to drive financial inclusion by allowing their customers to access services remotely. This includes the ability to open an account independently, request loans, and access payment instruments like debit cards, whether virtual or physical, from any location. In the past, these actions required a visit to a physical banking branch, whereas now individuals can conveniently request and receive these services without leaving the comfort of their shop or home.
Additionally, the cost of banking infrastructure and maintenance often poses a challenge for banks to serve lower value customers or those in the lower segment of the market. However, by connecting banks with our platform and enabling them to benefit from economies of scale in their operations, we alleviate this burden, making operating a bank more cost-effective. With the reduction in these overhead costs, banks can allocate additional funds towards customer acquisition and other initiatives that drive the financial inclusion process.
What plans do you have to expand the partner base and then to maybe include the other people that are direct partners in Africa?
• Currently, we have 23 partner categories within our platform. For instance, eBanqo is our partner in the AI chat bot service category, and Bankingly is our partner in the online banking service provider category. Additionally, Turaco is our partner in the insurance category. We also work with credit bureaus, loyalty service providers, and gamification service providers, to name just a few.
With our ongoing expansion efforts, we aim to accommodate more innovators as we encounter new use cases. If your service already falls within an existing category, we can provide you with access to our platform and facilitate integration. Alternatively, if your value proposition is unique and does not fit into any of our existing categories, we are open to creating new categories specifically for you and exploring potential collaboration options.
By continuously expanding our partner base and fostering collaboration with a continent-wide range of stakeholders, we aim to continually enhance and diversify our offerings to meet the evolving needs of our customers.
In your opinion, how would you describe the growth that technology and innovation has enabled for the financial and payment ecosystem in the last decade?
• The progress has undeniably been revolutionary. I distinctly remember a time when conducting transactions from a savings account or any account at a branch different from the one where the account was opened was simply not feasible. However, technology has made significant strides since then, with Nigeria leading the charge in terms of the extent of development of the payment systems ecosystem and the thriving fintech community powering the countless tech enabled financial products available in the country. Today, you have multiple electronic payment channels and instruments including cards, direct debit, mobile banking, USSD, POS devices, ATMs, etc. These have provided alternatives to cash and have made transacting with businesses more efficient and secure. Technology has also enabled customers to access financial services remotely, whereas, in the past, they would have need to queue up in a bank branch.
Overall, the impact of technology and innovation on the financial and payment ecosystem cannot be overstated. It has transformed the way we perform transactions and has opened up new possibilities for businesses and consumers alike. As we continue to embrace these technological advancements, and harness the opportunities they bring, we can anticipate even greater leaps in socio-economic development and progress in the future.
In the next 10 years what trends do you think would continue to shape the advancement of payments and finance in Africa?
• Over the next decade, we anticipate several key trends that will continue to shape the advancement of payment and finance in Africa. One significant trend we expect is the increasing integration of artificial intelligence (AI) into financial services. AI technology will play a pivotal role in leveraging data insights to inform decision-making and enhance the delivery of financial products.
• Moreover, we anticipate a transition from the current centralized form of payment to a more decentralized approach. By facilitating the inclusion of various financial institutions on our platform, we aim to catalyze this shift towards decentralized payment systems.
It is imperative that financial institutions recognize these trends and adapt their strategies accordingly to remain competitive in this rapidly evolving environment. By embracing technological advancements and collaborating within our platform, we can pave the way for a more efficient, inclusive, and secure financial future in Africa.
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