- Since regaining its freedom from colonial domination, Africa, a continent with a rich history and various cultures, has achieved great progress. The first nation on the continent to gain independence in 1957 was Ghana, which sparked a surge of liberation movements across Africa. Following the example, other nations like South Africa, Kenya, and Nigeria were finally able to liberate themselves from colonial rule.
- But from the standpoint of nation-building, economic dependence on Western powers and excessive reliance on Western technology platforms and solutions by enterprises mean that genuine emancipation is still difficult. In Africa, automating the provision of financial services is a reliable strategy for promoting economic expansion and fortifying genuine economic autonomy. This assumption is supported, in part, by the high-level premise that automation increases productivity and lowers costs. These benefits result in higher profits for enterprises and tax income for governments, as well as indirect support for the provision of social amenities and citizen well-being. Furthermore, it is reasonable to argue that reaching complete automation in the financial services sector might spark much-needed fast economic development on the African continent, given that this industry is the backbone of any country. Regrettably, the majority of financial institutions in Africa lack appropriate core automation and digital channel solutions as a result of their over-reliance on Western technology. The majority of the Western solutions now in use are too expensive to maintain or buy, and they often need to be customized in a complicated, time-consuming, and expensive way to function well in an African setting.
- Fortunately for us Africans, it seems that one business has decided to take on the difficult mission of freeing the continent from the bonds of neo-colonialism and ending the Western monopoly on financial services technology. This business, Qore, offers a one-stop shop for completely automated core and digital banking solutions. It is a platform that provides banking as a service. Qore wants to automate financial institution processes from beginning to end and make its core services available to end users via a variety of channels. It does this by providing a suite of integrated, modularized banking software capabilities and unfettered access to APIs. Financial accounting, customer, wallet, and account management, product management, automated regulatory and IFRS report generation, internet and mobile banking, loan origination and automated repayment collection, machine learning-driven loan repayment prediction, and other features are all included in the Qore platform.
- customized for markets in Africa as well as elsewhere. By providing a core banking system that is pre-integrated with auxiliary services, balancing high-quality service and price, and giving greater functionality, dependability, and customization flexibility, Qore surpasses its competitors.
- The goal of Qore, a Nigerian firm founded in the beginning, is to imitate the financial services software delivery triumphs of Africa’s most successful entrepreneur, Aliko Dangote, by automating financial services across the continent. By implementing its cloud-based BaaS platform across the continent, Qore hopes to reduce the cost of financial services software consumption by at least 50% in every African nation, according to a representative for the firm. The business has already established itself as a leader in Nigeria, providing services to over half of the nation’s 1,000 banks and fintechs. It has already started to roll out its services in other countries, including Ghana, Senegal, the Democratic Republic of the Congo, Ethiopia, Gambia, Kenya, and Tanzania.
- In conclusion, automation and independence are critical to Africa’s emancipation. African nations may become economic freedom fighters, achieve their full potential, and become global economic leaders by embracing digital innovation and collaborating with Qore as the enabler. Africa has to “Automate to Liberate” to provide the conditions for future generations to have a better future.
Source:
businessinsider
