In most developing nations like Nigeria, the nascent software industry is faced with several challenges among which is a lack of patronage, dimming prospects in the sector. For reasons such as a perceived superior quality, governments and corporates in the country opt to spend up to $1 billion on foreign software products annually, while an additional $400 million is expended on software license renewals.
While the argument for superior expertise may hold water, foreign software is not without its lapses. Most of the solutions are designed in line with international best practices and with a global perspective, failing to take into consideration distinct features of each market they are to serve. As a result, most banks still have to pay a lot of money for customization, to meet the local requirements.
It is this gap that Union Systems Limited, an industry leader in financial software, is capitalizing on with its indigenous trade finance software, Trade-X in Nigeria. In an interview with Ventures Africa, Chief Executive Officer, Chuks Onyebuchi discusses problems with international software in local markets, how his firm is helping to address this, promoting indigenous software in Nigeria as well as challenges and prospects for the emerging industry.
Ventures Africa (V.A): Click here to read entire article
Source:: Ventures Africa