Finastra secures core banking mandate from BAI

Finastra has secured a mandate from Banco Angolano de Investimentos (BAI) to upgrade the bank’s core banking system, as financial institutions across emerging markets accelerate modernisation efforts to meet rising digital and regulatory demands.

Announced on 1 April 2026, the deployment will see BAI implement Finastra’s Essence platform, a cloud-first, open API-enabled core banking solution designed to improve operational resilience and reduce time-to-market for new products. The move reflects a broader industry trend of replacing legacy infrastructure with modular, microservices-based architectures to enable faster innovation and scalability.

The implementation will be led by Innovation Makers, which will integrate its Multi-Payments Processing System (MPPS) and card management capabilities into the platform. The firm will also establish a local Centre of Excellence, aimed at supporting knowledge transfer and long-term operational continuity within Angola’s financial ecosystem.

“The adoption of Essence marks the beginning of the next phase in our digital transformation journey,” said Luís Martins, Executive Director at BAI. “To successfully deliver innovative and responsive banking services to our customers, while keeping pace with frequent regulatory changes, we need a core banking platform that is highly flexible, scalable, and future proof. We selected Finastra due to its market-leading offering, strong consulting and advisory support, and proven track record in this space. We have collaborated with the company for more than 15 years this extension of our partnership demonstrates BAI’s commitment to driving innovation and resilience in the Angolan banking sector.”

Finastra’s Essence platform leverages microservices architecture and APIs to enable rapid deployment of products and services, including those incorporating artificial intelligence and machine learning. The company reported that 15 financial institutions went live with the platform globally in 2025, underscoring growing demand for next-generation core systems.

“Legacy banking infrastructure and lots of customisations can hinder flexibility and operational effectiveness, often with high costs attached,” said Siobhan Byron, EVP of Universal Banking at Finastra. “By transforming its core banking system, BAI can scale quickly and adapt to new demands with much greater efficiency and success. Our state-of-the-art solution – uniquely combining future-proof technology with comprehensive banking functionality enables the bank to maintain its competitive advantage with a high level of reliability and trust. We’re empowering BAI to reimagine banking in Angola by delivering timely, innovative, and customer-centric services.”

The deal underscores increasing investment in digital banking infrastructure across African markets, where banks are seeking to enhance customer experience, improve operational efficiency, and remain competitive amid evolving regulatory frameworks and growing FinTech adoption.