Proliferation

Mudiaka Umukoro, CEO of AppZone Core. In this interview with Josephine Okojie, he spoke about the role of microfinance banks...

Sequel to our 2021 fundraise though, we identified the problem we have solved in Nigeria as a continental one and have begun proactive expansion efforts to East Africa amongst other African regions and the feedback has been awesome. The African continent has always been our target and most of our expansion into the listed countries has been reactive. Traditional banks on the other hand are coming from a background of outsourcing most of their technology to foreigners but this is changing due to the Neobank competition factor. Traditional Banks that successfully combine the depth of their banking experience with outsourcing their entire technology stack to competent vendors and collaborating with others, may very well become the most successful digital banks of the future. Cybersecurity in banking now has to be at the very least, as intrinsic to a bank’s operations as its day-to-day. In 2021, you announced the relaunch of BankOne with the focus to serve Africa’s leading fintechs – Neo bank, and Challenger bank.