Qore
“Can a home-grown African core banking platform become the operating system for the continent's financial institutions?”
Founded2008
HQLekki, Lagos, Nigeria
FoundersMudiaga Umukoro
IndustryInfrastructure / BaaS
The story
Founded 2008 as Appzone Core, the Banking-as-a-Service arm incubated within Nigeria's Appzone Group. Spun out and rebranded as Qore to focus purely on core banking infrastructure and Banking-as-a-Platform (BaaP) for African financial institutions. Now powers 500+ banks and microfinance institutions, hosting 10M+ accounts and processing $11.8B in transaction values. Distinct from Uptiq's AI orchestration platform also named 'Qore' — this Qore is the Nigerian core-banking BaaS.
Last 12 months
Product timeline
2008
Founded as Appzone Core, incubated by Appzone Group in Nigeria· pivot
2020
Launched Pryme self-service card vending machines with Zebra printers· card
2023
Rebranded from Appzone Core to Qore as standalone BaaS company· pivot
2024
Partnered with QoreID (VerifyMe) for KYC and identity verification· banking
The stack
6 layers disclosed in Qore’s embedded-finance stack
Payments / PSP
BankOne (self-operated)Cluster (self-operated)
Banking / BaaS
in the full report
Card issuing
in the full report
Ledger
in the full report
Lending
in the full report
KYC
in the full report
Accounting gap: significant
8 more providers across 5 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.