Interviews Technology Technology Trends

OUR SOFTWARE KACHASI IS IN PRODUCTION IN MANY COMMERCIAL AND MERCHANT BANKS IN NIGERIA TODAY – ONYEBUCHI

 

In this media chat, Chuks Onyebuchi, the Chief Executive Officer of Union System Limited an indigenous fintech and software development firm with “solid” footprints in financial sector in Nigeria and beyond talks about their various solutions in Nigerian banks and how they have been able to deploy world-class financial trading solutions with robust support system. He talks about other issues bedeviling the industry such as dearth of human capacity and skills and perception of Nigerians towards indigenous software. Anthony Nwosu captures this in an exclusive interview.

 

Union System Limited has been in the ICT ecosystem for some time, can we know the journey so far?

USL has been a player in the delivery of financial software solutions to financial institutions for over 2 decades, in this time, we have seen a steady increase in the intricacies of software requirements from these institutions as their process have evolved to suit the increasing sophistications of their customers. This has inevitably brought about the demand for more efficient but simpler to use solutions, this is what USL prides herself in being able to continuously deliver.

Can you consider yourself as a Fintech considering that you deal with Trade Finance Software?

Yes, USL is a financial technology provider, we however deal primarily at the provision of business to business (B2B) enterprise financial software solutions. These solutions have a longer development cycle, a longer implementation cycle and are very integral to achieving the objectives of the financial institutions that adopts them.

You have deployed your solutions for notable financial houses and banks such as Access, Coronation, FCMB etc., how has this been?

These implementations and many others have not only been successful but have helped these banks meet their strategic objectives. Our solutions are very flexible and highly configurable eliminating almost completely the need for customizations. This has increased the rate of adoption within our client’s organization and faster return on investments (ROI).

You recently had a seamless integration to the CBN monitoring, can we know how this happened?

The TRMS is one of several regulatory portals through which the CBN monitors specific international trade and treasury related transactions. Through collaboration with major financial institutions in Nigeria, we had integrated to similar regulatory portals such as the NSW, NCS and the NIBBS portal, so the integration of the TRMS portal was achieved with little challenges. It also helped that we were involved, also through our existing collaborations, with the testing of the initially release pilot version.

Do you think that Banks are investing much in IT infrastructure now that a lot of skills are leaving the country especially in the area of software development?

Yes, banks are investing more in technology as the volume and sophistication of the transactions and process they must do is increasing. However, banks should concentrate on banking and investing more in technology partners such as indigenous OEMs. Whichever way they choose to invest, whether directly into the business or by paying the right prices for indigenous software solutions, they would be saving money in the long run. These savings can take the form of little or no need to source for FX to pay for software solutions, the availability of local support, reduced maintenance cost, just to mention a few.

What is your take on capacity building in the industry?

We are losing a lot of talents to the sweeping “japa” syndrome engulfing us, as such more targeted social welfare initiatives must be invested in by both the public and private sectors to not only build new capacities but retain existing ones. If there are deliberate regulations in place to support home grown systems and they are paid appropriately for their solutions, these companies would in turn be able to pay those with the needed skillset commensurately with their international counterparts, ultimately reducing the brain drain plaguing the industry.

Do you think that Nigerians have the capacity to build a world-class software?

Definitely yes, USL has demonstrated this already with our flagship Kachasi international Trade Finance solution and our other financial solutions (Sakobia, Optimus, EGORA and tentacles). The same can be said about other sectors of the economy such as health, agriculture, education and so on where we have Nigerians driving change and competing effectively. As the support and adoption for world-class indigenous solutions, such as ours, increases, Nigerians will continue to break the glass ceiling and produce software that can compete on a global stage.

Kachasi, tell us how and where you have deployed this important trade software?

Kachasi is in production in 5 commercial and merchant banks in Nigeria today. We are in advanced stages of negotiation with several other banks in Nigeria and Kenya.

What is your support system like?

Our approach to support starts with building capacities within the banks right from the implementation stage thereby ensuring a formidable first line of support from within and that the right sense of ownership is attained before the end of the implementation project. Where the bank is unable to solve the problem with its first line of support, the issue is logged on our support portal, ISURA, where our team of experts representing a second line of support are available for prompt resolution.

ISURA is accessible by all our clients 24/7 for receiving and managing support request and a dedicated support team that ensures that all support requests are attended to in the shortest time possible. We also provide premium level support services for clients with more intense support requirements.

Did you build Trade-X, Isura and Optimus as software and what are the advantages?

Yes, Kachasi (previously Trade-X), Optimus (Single and multibank), Isura, Sakobia, Tentacles and Egora were all designed and developed by USL in our Lagos, Nigeria Head office. A major advantage of adopting our solutions is the elimination of the need to source for FX to license them. Our multiple decades of experience and understanding of the challenges of a particular market coupled with the ease of configuring a system to adapt to that market while providing international/standard best practices guarantees that all our solutions give the needed advantage to our clients and partners.

What differentiates your Tentacles software from others?

Tentacles is our Enterprise Service Bus (ESB) managing integrations and interoperability between diverse applications, channels, and portals both within and external to a financial institution. The drag and drop simplicity of setting up mediation for multiple message types, real time monitoring of all integration nodes and channels, and the very friendly user interfaces, requiring no technical knowledge are some of its advantages.

Can we know the challenges that you face as an organization?

Every sector has its peculiar challenges, I’d like to believe that one of the major challenges with the sector we operate in is that of a mindset. A lot of decision makers still believe that foreign solutions are always better than indigenous ones, and that the indigenous solutions are synonymous with less quality, this is not true for us as Union Systems. There is also this believe that indigenous software must be cheap because it is indigenous. What most people fail to realize is that the skillset required to create a software abroad is the same required in Nigeria. This is important because we must pay our people commensurably with their counterparts . This faulty mindset and low pricing push local software providers to lower their standards thereby creating products that are subpar when compared to their international counterparts. Ultimately there needs to be a concerted effort in the push for more partnership with credible and experienced local OEM and in turn increased adoption of indigenous solutions.

 

 

We are losing a lot of talents to the sweeping “japa” syndrome engulfing us, as such more targeted social welfare initiatives must be invested in by both the public and private sectors to not only build new capacities but retain existing ones. If there are deliberate regulations in place to support home grown systems and they are paid appropriately for their solutions, these companies would in turn be able to pay those with the needed skillset commensurately with their international counterparts, ultimately reducing the brain drain plaguing the industry.

Leave a Comment

Your email address will not be published.

You may also like

Business Culture Economy Investments News

SnackFix from Bühler adds value to local grains in Nigeria and boosts Food Security

post-image

The SnackFix small-scale cereal bar production system from Swiss technology group Bühler (https://www.BuhlerGroup.com/) is the ideal solution for small and medium enterprises (SMEs) to add value to locally produced grains in Nigeria and assist the country to address food security, says Manuel Murrenhoff, Managing Director, Bühler Nigeria.

VIDEO
Bühler SnackFix Bar Production

 

On-the-go snacking consumption in Nigeria is rising steadily, presenting opportunities for SMEs to enter the market. “In terms of bars, fruit, and sweet snacks alone, this market segment is expected to exceed half a million tonnes by 2025,” says Murrenhoff. The main driver is the burgeoning population, estimated at 223.8 million in 2023, a 2.41% increase over 2022, and expected to grow to 377 million by 2050.

“The economically active part of…

Read More
Business Opinion

Why Macbook, Dell Latitude and Lenovo Are Top Choices Laptop For Serious Business Minded CEO!

post-image

 

Often, people, especially those who want to join our Tech Community do ask me the best laptop to buy. When it comes to laptops, especially business laptops, there are several models that are widely regarded as top choices due to their performance, reliability, and business-focused features. And the factors below are to be considered before you purchase one:

1. CPU: There are two big players in this area – Intel and AMD. Intel’s core processors include Corei3, Corei5, Corei7, Corei9 & n-generation (evo, vPro), while AMD’s Ryzen processors are Ryzen3, Ryzen5, Ryzen7, Ryzen9 and the Ryzen Threadripper. Corei5 & Ryzen5 upwards should do your work.

2. RAM: 8-16 GB RAM should do any kind of work thrown at it.

3. Storage: Hard disk drives (HDD) or Solid-state drives (SSD)? HDD has a larger capacity, slower, cheaper, and easy to crash, while solid-state drives (SSD) are faster, last longer, smaller, and expensive.

4. Display:…

Read More
Business Economy

African nations feature prominently in global top 100 for online threats

post-image

Nigeria, currently ranked 50th worldwide for online threats, South Africa at 82nd, and Kenya at 35th, have increasingly become focal points for cyber threats, as per the latest data from the Kaspersky Security Network (KSN). Kaspersky (www.Kaspersky.co.za) presented on the reality of cyber threats in Africa at the recent inaugural GITEX Africa conference, held in Morocco.

 

Dr Amin Hasbini, Head of the Global Research & Analysis Team (GReAT) for META at Kaspersky, expanded on several cyberthreat trends, cautioning business and technology leaders about two primary forms of cyberattacks – criminal and advanced.

“Criminal attacks are mainly driven by the pursuit of financial profit, whereas advanced attacks indicate how cyber threat actors continually adapt their tactics and tools to breach security measures. A significant portion of the attacks witnessed across Africa are shaped by the rapidly changing geopolitical landscape. However, a growing concern is that cybercriminals are learning from…

Read More
Business Economy News Security Society

Safeguarding Nigerian Businesses: The Crucial Role of ZORACOM NSOC Centre in Cybersecurity

post-image

 

 

Breaches are one thing that any modern company must be wary of and invest to protect. As we are getting more exposed in the virtual world, the 21st century company is digitally savvy and the need to be online is critical, protecting these online credentials and assets becomes imminent and imperative. Zoracom, an indigenous IT firm located in the upscale are of Lagos has one of the best facilities in the sub- Saharan Africa to protect your assets against any breach of any kind. Known as NSOC Centre (Network Security Operations Centre), this facility has been described as one of a kind in ECOWAS region.

The ZORACOM NSOC Centre holds significant importance for Nigerian businesses in the realm of cybersecurity and safeguarding their digital infrastructure. In today’s interconnected world, where businesses heavily rely on technology and data, the need for robust cybersecurity measures is paramount. The ZORACOM NSOC Centre plays…

Read More
Business Economy Finance Fintech

Yellow Card and Tether Join Forces to Drive Stablecoin Education and Adoption Among the African Youth

post-image

Yellow Card (https://YellowCard.io/), a leading pan-African fintech and cryptocurrency exchange, and Tether, the world’s largest stablecoin provider, are pleased to announce the successful completion of Phase 1 of their strategic collaboration across three key African markets. The two-month collaboration focused on raising awareness, providing education and driving adoption of USD₮, Tether’s stablecoin, among students and young professionals in Nigeria, Kenya and Ghana.

 

 

Activities included Financial Literacy Tours in universities and a canvassing campaign which involved Yellow Cards Brand Ambassadors engaging with individuals across major cities in the three countries.

 

Over 10,000 young people were reached – including students drawn from the six universities where the Financial Literacy Tour events were held among them University of Nairobi in Kenya, University of Benin in Nigeria and Kwame Nkrumah University of Science and Technology in Ghana. Those who attended the events received insights into the mechanics of stablecoins, gained a…

Read More
Announcements Business Economy News Society Trends

MENXTT TECHNOLOGIES NG Unveils Cost-Effective Solutions for Small and Medium Enterprises (SMEs) in Nigeria, Empowering Strong Online Presence

post-image

 

 

 

MENXTT TECHNOLOGIES NG, a digital solution/technology provider, is proud to announce its suite of cost-effective solutions tailored specifically for small and medium enterprises (SMEs) in Nigeria. Recognizing the paramount importance of a strong virtual and online presence for businesses in today’s digital age, MENXTT TECHNOLOGIES NG aims to empower SMEs with the tools and expertise required to thrive in the digital landscape.

In a world where digital content, social media management, content development, website hosting, and building play an instrumental role in the success of any brand, SMEs often struggle to navigate these intricate domains due to limited resources and technical know-how. MENXTT TECHNOLOGIES NG has positioned itself as a strategic partner for SMEs, bridging the gap by offering comprehensive and affordable solutions.

With its team of highly skilled professionals and cutting-edge technology, MENXTT TECHNOLOGIES NG specializes in delivering digital content services that engage target audiences, generate leads, and drive conversions….

Read More
Business Economy Opinion Security Society

True cyber resilience is a business enabler

post-image

Cyber resilience is about much more than just cybersecurity. It’s about preventing operational disruptions of all kinds, that may impact your profitability, productivity, and reputation, says Patrick Evans, CEO of SLVA Cybersecurity.

South Africans are renowned for their resilience when facing a multitude of problems – from the high cost of living to rolling blackouts. However, the resilience of the average South African citizen is not always matched by the resilience of the businesses they run.

Your business – small or an enterprise – needs to be able to deal with things like power disruptions, unpredictable weather or civil disobedience, and for these you have plans and contingencies ready and are designed to cater for such disruptions. So when organisations are ‘secure by design’, they are more than just cyber secure, they are cyber resilient.

The problem…

Read More
Art Business Culture Economy Health Leisure Opinion

Public Outcry Ensues: Hilda Baci’s Dog-Eating Stunt Draws Widespread Criticism

post-image

 

 

By Chukwudi Iwuchukwu

 

In a shocking turn of events, Hilda Baci and her friend Eniola have sparked controversy after posting a video on Friday morning showing them consuming a dog delicacy. The video quickly gained attention on Twitter, leaving many viewers distressed and choosing to scroll past it.

 

The outrage and anger sparked by this stunt were immediate, as numerous people found the video highly offensive. The close resemblance of dogs’ behavior to humans, coupled with their status as loyal companions, led many to express their disapproval. Concerns are now rising about the potential repercussions this incident may have on Hilda Baci’s brand.

 

It is possible that this dog-eating video could harm her reputation and impact future opportunities. Foreign embassies may refuse her a visa, and she may encounter difficulties in securing positions with foreign food companies. Animal cruelty is a significant concern globally, and making light of such issues can have…

Read More