NEC XON and Avaloq Partner to Modernise Africa’s Wealth Management with Unified Platform

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NEC XON and Avaloq have formed a strategic partnership to help African banks and financial institutions replace outdated legacy systems with a modern unified wealth management platform.

The collaboration brings together NEC XON’s strong presence in Africa and Avaloq’s global expertise in wealth management technology. Together, they aim to support banks in countries such as South Africa, Nigeria, and Kenya to digitise their operations and improve service delivery to high-net-worth clients.

Many African banks still run on old core banking systems that are expensive to maintain and slow to adapt to new demands. The new unified platform is designed to solve these challenges by offering a complete front-to-back solution that covers client management, investment advisory, portfolio management, and compliance.

The partnership focuses on three main goals: modernising legacy IT environments, improving operational efficiency, and helping financial institutions respond faster to growing demand for digital wealth services. This is especially important as Africa’s middle class and wealthy population continue to expand.

Avaloq, a Swiss-based company and subsidiary of NEC Corporation, is known for its advanced digital banking and wealth management software. NEC XON, which has deep roots in African markets, will provide local implementation, support, and integration services.

Officials from both companies say the platform will help banks offer better, more personalised services to customers while reducing costs and risks associated with old systems. It will also support the growing fintech and digital finance sector across the continent.

This move reflects the increasing push by African financial institutions to upgrade their technology as demand for sophisticated investment products, private banking, and digital advisory services rises.

The partnership is expected to roll out in phases, starting with key markets before expanding to other parts of the continent.

This development could mark a significant step in the digital transformation of Africa’s wealth management industry.