Avaloq, NEC XON advance wealth management technology in Africa

by AKANI CHAUKE
JOHANNESBURG, (CAJ News) – AVALOQ and NEC XON have partnered to support the digitalisation of Africa’s wealth management sector.

Both part of NEC Corporation, the companies are combining Avaloq’s banking and wealth management platform with NEC XON’s regional presence and delivery capabilities.

The collaboration focuses on helping financial institutions modernise 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.

South Africa remains the continent’s most significant wealth management market. While the sector is mature and globally connected, many institutions still operate fragmented legacy systems that are costly and difficult to scale.

“Across Africa, we are seeing a clear shift in how financial institutions approach technology,” said Akash Anand, Managing Director for the Middle East, Africa and India at Avaloq.

“It is no longer just about modernising legacy systems – it is about building platforms that enable growth, improve agility and support more sophisticated client engagement models.”

He added that increasing competition from digital-first players and rising client expectations are accelerating the shift towards transformation.

Anand said South Africa is likely to play a central role in linking regional capital flows with global financial centres as digital transformation accelerates.

“Our goal is to help institutions modernise their platforms, reduce complexity and position themselves for sustainable growth in an increasingly digital financial landscape.”

NEC XON is a leading African ICT systems integrator and part of Japan’s NEC Corporation.

– CAJ News