“Can a home-grown African core banking platform become the operating system for the continent's financial institutions?”
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.
Qore discloses BankOne (in-house) as its banking provider, according to the Embedded Finance Index 2026.
Qore does not disclose a bank charter of its own; its banking services are provided through BankOne (in-house).
Qore processes payments through BankOne (self-operated) and Cluster (self-operated).
Qore's cards are issued through Qore Card Management Service (in-house).
Qore uses QoreID (VerifyMe) for KYC and identity verification.
Qore's lending and capital products are provided by Recova (in-house).
Qore runs its ledger on BankOne (in-house).
The Embedded Finance Index 2026 maps 6 layers in Qore's stack: Payments / PSP (BankOne (self-operated) and Cluster (self-operated)); Banking / BaaS (BankOne (in-house)); Card issuing (Qore Card Management Service (in-house)); Ledger (BankOne (in-house)); Lending (Recova (in-house), Recova Lending Automation Solution, Automated Lending Services and BNPL enablement via API); KYC (QoreID (VerifyMe)).
Qore was founded by Mudiaga Umukoro and is founded in 2008, headquartered in Lekki, Lagos, Nigeria.
Get a read on where your own stack stands against Qore and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.