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Nigeria: Nucleus Software Targets 24 Banks With Retail Solution

April 30, 2008 | All
Nucleus Software, the world's leading retail banking software maker is set to penetrate the Nigerian banking sector with FinnOne, its flagship retail banking software solution.

The software company has already signed-on five of the top leading banking institutions in the country and is currently implementing its retail banking solution on the technology platforms of three of the biggest five banks.As at last week, it was in talks with nine banks and expects to conclude discussions in a matter of weeks.

Making a bold entry into the Nigerian financial services industry, top executives of the Indian company said they are working together with their Nigerian partner, Financial Applications Systems Limited to deepen the retail banking market.

Nucleus Software is the leading software powerhouse providing innovative and pioneering software solutions to banks and financial organisations globally.

It offers a host of competitive solutions to support the whole spectrum of business offerings across retail banking, corporate banking, cards and cash management.Mr. Niraj Vedwa, president, head global sales and marketing, Nucleus Software, during a banking forum organised in Lagos said that the company is committed to the development of the Nigerian retail banking segment.

He said the company in partnership with Fasyl and is also working to expand the microfinance banking environment with its rich suite of cash management solutions.

Investigations showed that First Bank Plc and UBA Plc have been using FinnOne retail banking solution in the past two years while software implementation is ongoing in three other big banks for the retail application.

"We are targeting 24 banks in Nigeria. Under two years we have five big banks with solution covering retail banking. We are also moving into the micro finance banks with cash management solution," said Vedwa.

The banking forum which brought together captains of banking industry had key information technology experts from Oracle, First Bank and Nucleus Software. Vedwa said it was meant to chart the future of retail banking for Nigerian banks. "We are bringing together customers to hear about the emerging trends in the banking technology sector." 

"We have a very strong relationship with Fasyl. They understand how to do business here. We want to keep the customers happy first by bring them the best of technology, implement it and help them utilize the best functionalities. Our products give the best value proposition to them," Vedwa added.

Mr. Lamido Sanusi, executive director, risk and management control, First Bank of Nigeria, had during the forum x-rayed benefits of FinnOne which the bank used to grow its asset base by 170 per cent between March 2007 and March 2008.

"With FinnOne I can approve credit wherever I am any where in the world once there is network," he said.Mr. Joseph Asumang, sales representative, for Oracle Africa operations, said they are partnering with Nucleus to provide solutions that will meet the needs of bank customers. In the face of global financial crisis like the sub prime crisis, many financial institutions are realising the strengths and value of the products and solutions offered by Indian IT companies operating in the BFSI domain.