Appzone Group spins off Qore to provide technology for digitizing banks across Africa

Qore’s Banking-as-a-Service platform implements the blueprint for the future of digital banking in Africa.

Appzone, the pan-African fintech software provider group, has announced that it is spinning off its Banking-as-a-Service (BaaS) platform from its existing business into a new business unit (dubbed Qore) to better digitize banks across Africa. and facilitate the emergence of a fully automated and connected financial ecosystem.

Formerly a collection of four distinct businesses, the company is driving the exponential growth of fully digital offerings for the continent’s financial institutions. Some of the leading commercial banks, fintechs and neobanks can use their platform to deliver innovative niche products.

Qore Co-Founder/CEO Emeka Emetarom said during a recent press conference in Lagos that the company will continue to empower financial institutions in Africa to become the highest performing and most innovative in the world.

As a revolutionary banking innovator, Qore is enabling significant advances for a new era of fully digital banking in Africa. Over the past decade, we have played a remarkable and active role in driving the digitization of the financial services ecosystem in Nigeria and Africa.

We are excited to see what the future holds for us and digital banking in Africa as we now operate as a BaaS focused business unit.

Qore’s unique advantages are market viability and cost-efficiency, enabling financial institutions to offer highly relevant products at a fraction of the cost. We also leverage the platform’s numerous integrations with major payment systems to achieve instant interoperability with other industry players at no additional cost‘ added Emma.

Mudiaga Umukoro, Qore Co-Founder/COO, talks about how the company is creating value for Africa’s diverse financial institutions and says Qore has built the only truly African cloud-native core banking and integrated channel solution that is purpose-built is tailored to the African market.

We understand the realities of the African financial ecosystem, as well as the constraints that prevent financial products in Africa from realizing their full potential, and solve the age-old challenge of financial inclusion once and for all. That’s why Qore is refocusing its efforts on enabling effortless and borderless banking across the continent. says Mudiaga


Having fully digitized and automated the operations and products of nearly 500 financial institutions across the continent, we are ready to take on the rest of Africaadded Mudiaga.

Over the past 5 years, the African financial sector has aggressively adopted digital banking, with more and more individuals and organizations bypassing physical structures, paper trails and physical cash in favor of self-service offerings on digital devices. Currently, challengers and traditional banks in Africa are limited to using foreign technology solutions tailored to Western markets, and many of these solutions are hampered by prohibitive prices, poor market fit and a lack of local technical support.

With offices in Nigeria and Kenya and clients across the continent including Ghana, Gambia, Democratic Republic of the Congo, Equatorial Guinea, Tanzania and Senegal, Qore supports the digital transformation efforts of traditional banks, many of which are still stuck with legacy systems that limit their capability limit to compete effectively.

Since investing in Appzone, it has been remarkable to witness the company’s growth and transformation that has now led to the birth of Qore. We are even more excited to have a front seat at the table as Qore sets the stage for redefining the future of digital banking across Africa. We are confident in the team’s bold vision to pioneer effortless, borderless banking across Africasaid Yomi Jemibewon, Partner and Managing Director of CardinalStone Capital Advisers Limited.

Qore also operates an omni-channel self-service platform, USSD interfaces, payment ecosystem integrations, merchant service capabilities, and instant card issuance. In addition, the platform offers customers modules that enable end-to-end automation of lending, multi-account direct debits, and agent banking. These features are available to fintechs such as digital lenders and neobanks, as well as traditional banks such as commercial banks, MFIs, mortgage lenders and consumer lenders.

The platform also leverages the ease of customization and availability of local support to seamlessly adapt to the needs of African banks and fintechs.

Over the past decade, Qore’s remarkable impact on the Nigerian and African financial services ecosystem has earned the company recognition as the de facto banking technology provider in the OFI segment and as the first and only African Banking-as-a-Service (BaaS ) brought in. Platform..

Other milestones for the company include building Africa’s first cloud-based digital core banking and omnichannel software, launching Africa’s first self-service platform for instant debit card issuance, and building the first and only automation platform for Correspondent banks integrated with all Nigerian business banks.

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