In the bustling world of Nigerian banking, where international software giants traditionally reigned supreme, a local hero emerged – Union Systems. Their journey from obscurity to prominence is a tale of grit, innovation, and disrupting the status quo.
The story begins with a pivotal moment in 2017 when Union Systems seized an opportunity to solve a problem that had stumped others. This marked the turning point for the company, propelling them out of the shadows into a realm where they could carve their own path.
“When we enter a bank’s boardroom, they know our name. Not our partner’s. Ours,”
shared Chuks Onyebuchi, CEO of Union Systems. This statement encapsulates their transformation from being mere conduits for international software providers to becoming pioneers in Nigeria’s trade finance sector.
The defining moment came during a critical project with Zenith Bank in 2016 when Union Systems faced an unexpected challenge. The bank’s intricate requirements exposed the limitations of off-the-shelf international trade finance solutions in meeting Nigeria’s unique regulatory landscape.
Faced with this dilemma, Union Systems made a bold promise – to unify disparate legacy systems into a bespoke Nigerian Trade Finance solution integrated with foreign software. It was a leap of faith without a clear roadmap, but they embraced the challenge head-on.
The result was Trade-X, initially conceived as a bridge solution but soon evolved into a comprehensive trade finance platform that caught the attention of major players like FCMB and Coronation Merchant Bank.
“Our pitch was simple: ‘Tell us what trade module your core banking uses, we’ll plug Nigeria into it’,”
explained Onyebuchi. This approach not only won them clients but also set them apart from their former foreign partners by offering tailored solutions that resonated with local needs.
As Trade-X gained traction and accolades in the industry, Union Systems realized there was still room for growth and innovation. This led to the birth of Kachasi – an end-to-end trade finance product designed to cater to both local and international requirements seamlessly.
With Kachasi leading the charge, Union Systems diversified its portfolio to include specialist enterprise banking solutions like Egora for treasury management and Sakobia for Swift messaging conversion. These offerings positioned them as trailblazers in spaces previously dominated by foreign vendors.
Despite initial skepticism from clients accustomed to foreign vendors dominating these sectors, Union Systems persevered and earned their trust through tangible results. Fidelity Bank’s reported growth following automation with Kachasi serves as testament to their impact on driving efficiencies within Nigerian banks.
Reflecting on their journey filled with challenges and triumphs, Onyebuchi emphasized resilience as key to success:
“Don’t give up…if we back down; we lose our chance at identity.”
Today, when Union System walks into boardrooms, it is their name that commands respect – a testament to their perseverance and commitment to excellence in indigenous tech solutions.
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