Cloud-native core banking provider 10x Banking has partnered with South African digital banking platform HassemPrag. The collaboration aims to provide African financial institutions with a de-risked path to replacing legacy core technology.
Addressing regional pressures
Banks across the African continent are currently navigating mounting pressures from evolving local regulations, rising fintech competition, and the spiralling costs associated with maintaining legacy systems. Consequently, investments in core infrastructure are surging, with the core banking software market in the Middle East and Africa projected to reach US$2.2billion by 2030.
To address these pain points, the joint proposition combines 10x Banking’s cloud-native infrastructure with HassemPrag’s regional expertise and integration capabilities. The solution offers a modular architecture, allowing banks to upgrade incrementally and avoid risky “rip-and-replace” transformations.
For African banks, the partnership promises to:
- Enable the replacement of legacy core technology without high risk, cost, and downtime.
- Dramatically cut time-to-market for new products down to months, increasing speed and scalability.
- Transform the customer experience through real-time data and personalised services.
Jayesh Prag, CEO of HassemPrag, commented: “Across Africa, the perceived risk of change has held banks back from much needed core modernisation. Our partnership with 10x Banking changes the equation by providing a unified digital banking platform that’s fast to deploy and proven at massive scale.”
Antony Jenkins, Founder & CEO of 10x Banking, added: “We’re enabling institutions to move away from legacy constraints and build smarter, more inclusive propositions for their customers. With access to this technology, more banks can launch new digital services in weeks rather than years, reduce complexity, and unlock a wave of growth in some of the world’s most dynamic markets.”
The partnership deepens 10x Banking’s existing footprint in the region. The UK-headquartered firm is already working with Old Mutual, powering OM Bank, which is described as South Africa’s first fully digital bank.