NEC XON and Avaloq have collaborated to accelerate the digitalisation of Africa’s wealth management sector. By combining Avaloq’s banking platform with NEC XON’s regional expertise, the partnership helps financial institutions in South Africa, Kenya, Nigeria, and Mauritius modernise legacy systems, improve operational efficiency, and meet rising digital demands.
The collaboration focuses on helping financial institutions modernise complex legacy environments, improve operational efficiency and respond to rising client expectations for digital engagement. It will concentrate on key markets including South Africa, Kenya, Mauritius and Nigeria, where demand is growing for scalable platforms that can support regulatory compliance, front-to-back operations and digital client experiences.
South Africa stands out as the continent’s most significant wealth management market. Its financial sector is mature and globally connected, but many institutions still operate complex technology estates built over time through acquisitions and often rely on legacy systems. These fragmented environments are costly to maintain and difficult to scale, creating a strong need for unified platforms that can support front-to-back operations across wealth management.
Local execution as the differentiator
As institutions modernise complex technology environments and manage compliance needs across African markets, regional delivery capability becomes an important factor in successful transformation. Regulatory requirements include strict rules around data residency and evolving anti-money laundering frameworks add further complexity. “African banks and wealth managers are under increasing pressure to modernise their technology environments while delivering more sophisticated services at lower cost,” says Jason Barr, Executive: Safety Solutions at NEC XON. “A strong local presence is essential for institutions undertaking large-scale transformation projects. 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.”
Driving efficiency through unified platforms
Avaloq’s platform integrates core banking, portfolio management and digital channels in a unified architecture, enabling institutions to streamline operations, enhance client experiences and deliver personalised advisory services at scale.
“Across Africa, we are seeing a clear shift in how financial institutions approach technology,” says Akash Anand, Managing Director, Region Middle East, Africa and India at Avaloq. “It’s no longer just about modernising legacy systems – it’s about building platforms that enable growth, improve agility and support more sophisticated client engagement models.”
He adds that demand is being driven by increasing competition from digital-first players, as well as rising client expectations for seamless, personalised experiences across channels. “At the same time, many institutions are expanding beyond their domestic markets,” Anand continues. “This makes it essential to adopt platforms that can support multi-entity, multi-jurisdiction operations while maintaining efficiency and regulatory compliance.”
Positioning Africa for the next phase of growth
With increasing investor demand for digital channels, personalised advice and cross-border investment opportunities, industry analysts expect digital transformation in the wealth sector to accelerate over the coming decade.
“As Africa’s most internationally connected financial hub, South Africa is likely to play a central role in that shift, linking regional capital flows with global financial centres. South Africa and the broader African market are reaching a level of maturity where wealth managers are ready to digitally transform their operations to unlock the next phase of growth and scale their offerings across new markets and client segments,” Anand said. “Our goal is to help institutions modernise their platforms, reduce complexity and position themselves for sustainable growth in an increasingly digital financial landscape.”
