Banco Angolano de Investimentos (BAI) has chosen Finastra’s Essence platform to enhance its core banking infrastructure.
This decision aims to fortify BAI’s operational resilience and boost its ability to meet changing customer needs, product demands, and regulatory requirements in Angola. Additionally, the bank seeks to decrease the time-to-market for new products and broaden its digital banking presence among retail and corporate clients.
The official press release states that Finastra will deploy the Essence platform through a model bank approach, incorporating features tailored for the Angolan market. Innovation Makers, an Angola-based financial software firm specializing in payments and digital banking, will oversee implementation. The company will also contribute its Multi-Payments Processing System and Card Management solutions and establish a local Centre of Excellence to offer translation support, knowledge transfer, and sustainable operational continuity within the Angolan financial ecosystem.
Finastra Essence is constructed on an open microservices architecture with API connectivity, facilitating the deployment of products and services that incorporate technologies such as AI and machine learning. Positioned as a cloud-first solution, the platform aims to enhance agility and reduce operational costs for institutions.
Context of the Decision
The Angolan banking sector has experienced continuous pressure to modernize infrastructure and align with evolving regulatory frameworks. For large institutions like BAI, legacy core systems with accumulated customizations often limit both flexibility and cost efficiency, challenges that the Essence deployment is designed to address.
Executive Director Luís Martins of BAI highlighted the need for a flexible core platform capable of handling frequent regulatory changes alongside product innovation. He cited Finastra’s advisory support and successful track record as key factors influencing their choice. Siobhan Byron, Finastra’s EVP of Universal Banking, also stressed that transforming core infrastructure would enable BAI to scale more effectively with optimized efficiency.
The agreement signifies an extension of the existing commercial relationship between BAI and Finastra rather than a new partnership. With Innovation Makers providing local expertise and dedicated support, the implementation model aligns with broader trends in core banking modernization in emerging markets, blending global platform capabilities with on-the-ground operational know-how.
