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Nigerian Investment Bank, Coronation Merchant Bank partners Union Systems to launch fintech arm

Leading Nigerian investment bank, Coronation Merchant Bank, has partnered with Union Systems Limited to fully automate its Trade Finance Operations.

Ola Olaoluwa
Ola Olaoluwa

Leading Nigerian investment bank, Coronation Merchant Bank, has partnered with Union Systems Limited  to fully automate its Trade Finance Operations.

The trade finance software, Trade-XTM has a front-end portal, OptimusTM that empowers corporate clients to carry out their trade transactions from both web and mobile platforms from anywhere in the world.

Commenting on the partnership with Union Systems, Managing Director/CEO of Coronation Merchant Bank, Banjo Adegbohungbe expressed:

“We are delighted to partner with Union Systems in providing an automated platform to help our trade clients achieve their business objectives. Leveraging this platform, we hope to further improve our clients’ end-to-end experience in their trade-related transactions”.
Adegbohungbe further stated that, “the launch of the automated trade platform is in line with the Bank’s strategy of becoming a foremost financial institution in trade financing in Nigeria and across Africa.”
Image Credit: Nairametrics

Also commenting on the partnership, CEO Union Systems, Chuks Onyebuchi said:

“We are very pleased to be the preferred partner to automate the bank’s trade operations using our products, Trade-XTM and OptimusTM. We will be bringing to bear our over 20 years’ experience of successful implementation of trade finance solutions across Africa. Our software will provide a seamless experience to the bank’s clients on all their trade finance activities from the comfort of their home and office.”

This news comes at a time when technology is becoming the way to go for financial services in Nigeria, Africa and across the world, with the Nigerian fintech industry continually growing on the wings of technological advancement and demographic support, as 50% of the population is expected to be less than 25 years of age by the end of 2020. In fact, according to Frost and Sullivan, Nigeria’s fintech revenue is expected to reach US$543.3 million in 2022 from US$153.1 million in 2017, which bodes well for financial inclusion in the country.

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Ola Olaoluwa

Writer | Economist | Actor | Fashion Entrepreneur