NEC XON, Avaloq partner to digitise Africa’s wealth management sector

By Parth Prabhudesai

NEC XON and Avaloq have partnered to support the digital transformation of Africa’s wealth management sector by combining Avaloq’s banking and wealth management platform with NEC XON’s regional delivery capabilities.

The collaboration will focus on helping banks and wealth managers modernise legacy technology systems, improve operational efficiency and strengthen digital client engagement across key African markets including South Africa, Kenya, Mauritius and Nigeria.

The companies said demand is increasing for scalable platforms capable of supporting regulatory compliance, front-to-back operations and digital wealth management services as financial institutions expand across multiple jurisdictions.

South Africa remains a major focus for the partnership due to its mature and globally connected financial sector. However, many institutions continue to rely on fragmented legacy systems built through acquisitions, creating operational complexity and higher maintenance costs.

Jason Barr, Executive: Safety Solutions at NEC XON, said financial institutions across Africa are facing growing pressure to modernise while managing compliance and operational challenges.

“A strong local presence is essential for institutions undertaking large-scale transformation projects,” Barr said. “Our position on the ground across Africa means we can support banks and wealth managers as they evaluate new technology platforms and navigate the regulatory and operational complexities of the region.”

Avaloq’s platform integrates core banking, portfolio management and digital channels into a single architecture designed to streamline operations and support personalised advisory services.

Akash Anand, Managing Director for the Middle East, Africa and India at Avaloq, said financial institutions are increasingly seeking technology platforms that support growth and digital engagement rather than simply replacing legacy systems.

“Demand is being driven by increasing competition from digital-first players, as well as rising client expectations for seamless, personalised experiences across channels,” Anand said.

The partnership reflects broader FinTech-driven transformation trends across Africa’s financial sector, where institutions are accelerating investments in digital infrastructure to support cross-border operations, regulatory compliance and evolving client expectations.