10x Banking has recently teamed up with HassemPrag to provide cloud-native core banking infrastructure across the African continent.

This collaboration aims to support financial institutions in Africa by integrating 10x Banking’s core banking platform with HassemPrag’s digital banking expertise and local market knowledge.

The combined solution intends to offer African banks a modern alternative to traditional legacy systems through flexible, modular deployment options. This approach aims to streamline the upgrade process and reduce disruptions for existing operations.

Background on the Market

Financial institutions in Africa face increasing pressures from regulatory changes, competitive threats posed by fintechs, and the high operational costs linked with outdated banking systems. As a result, there is growing demand for core banking system modernization.

The core banking software market in the Middle East and Africa is anticipated to reach USD 2.2 billion by 2030. The new partnership aims to capitalize on this trend by providing cloud-native infrastructure that supports real-time processing, instant payments, and enhanced customer engagement.

Key Features of the Unified Platform

The platform will enable banks to swiftly introduce new digital services without extensive downtime. This is achieved through a modular architecture that allows for phased upgrades and minimal system disruption during transitions.

Banks using this solution can benefit from enhanced integration capabilities, regional support from HassemPrag, and the robust core banking infrastructure provided by 10x Banking. The partnership marks 10x Banking’s strategic entry into the African market, addressing the growing need for advanced core banking systems.

Both partners will continue to prioritize regulatory compliance while meeting the diverse needs of their clients in a rapidly evolving landscape. This collaboration underscores their commitment to innovation and adaptability in the financial sector.