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Press Release

Sakan Finance, Egypt selects Nucleus Software to Drive its Mortgage Finance Services

December 29, 2009 | Press Release
New Delhi, December 29, 2009: Nucleus Software (NSE: NUCLEUS, BSE: 531209), a leading global provider of integrated software products for banks and financial institutions, today announced that Sakan Finance, Egypt one of the newest mortgage finance companies in the Egyptian market, has chosen Nucleus Software’s award winning FinnOne™ Suite to power its mortgage finance services for higher productivity, efficiency, and flexibility of satisfying the ever changing needs of the Egyptian market.

From among a great competitive pitch, FinnOneTM was selected for its state-of-the-art modules, vast implementation experience, functionalities and domain expertise. An internationally proven product solution, FinnOneTM allows start ups like Sakan Finance for effective introduction of quick-to-market products and schemes best addressing a challenging environment.

Mr. Vishnu R. Dusad, CEO and Managing Director, Nucleus Software Exports Limited, said, “The Egyptian market offers a great opportunity for Nucleus’ products and is a key focus area for Nucleus’ growth strategy. This partnership with Sakan Finance will enable the company to penetrate the mortgage market more effectively and strengthen its position in the Egyptian market. Implementing a next-generation complete banking suite such as FinnOne™ will give Sakan Finance the technological edge in offering products and services to their customers.”

Being the second highest capitalized mortgage finance company in the Egyptian market to date, Sakan Finance is very aggressive in the mortgage services arena. Nucleus Software’s FinnOneTM will help Sakan Finance step up services and customer satisfaction by accelerating the processing time of applications for clients, from the time of their first visit to the company, throughout the lifetime of the repayment period.

Commenting on the partnership, Mr. Ahmed Haggag, consultant to the board of Sakan, said, “We needed a software product to stay ahead of the curve in the dynamic Egyptian market. Apart from the rich functionality and open architecture, we are especially impressed with FinnOne™’s flexibility and scalability, which we feel is critical to our growth strategy. With FinnOneTM’s excellent track record in the global market we are confident that this project will be a huge success.”

About Sakan Finance:

Sakan Finance is the newest mortgage finance company in the Egyptian market, and the first finance company to obtain a license from the newly formed “Egyptian Financial Supervision Authority” (EFSA), Sakan Finance is currently preparing to launch its services during December 2009. With a total start up capital of EGP 150 million, Sakan Finance becomes the second highest capitalized mortgage finance company in the Egyptian market to date. Sakan’s approved licensed capital stands at EGP 1 Billion. Sakan Finance plans to introduce seven key mortgage finance products as a part of its offering, four of them being completely new products to the market. Key shareholders in the new venture include the Housing and Development Bank with a stake of 28%, Al Yassin Holding with a 51% share, and the remaining 21% share held by a Dubai based investment group. Sakan Finance has appointed Mr. Fathi El Sebaie to the post of Chairman of the Board. El-Sebaie, also currently heads the Housing and Development Bank.

About Nucleus Software

Nucleus Software Exports Ltd. is a publicly traded (BSE: 531209, NSE: NUCLEUS), software product company that provides lending and transaction banking products to global financial leaders.

Nucleus Software powers the operations of more than 200 Financial Institutions in over 50 countries, supporting retail lending, corporate banking, cash management, mobile and internet banking, automotive finance and other business areas. Its products facilitate more than 26 million transactions each day, managing over US $ 200 billion of loans and enabling more than 200,000 users logging in daily.

Nucleus Software’s flagship products, built on the latest technology are:
  • FinnOne NEOTM : The next-generation digital lending solution that is built on an advanced technology platform, designed to shape the future of lending across Retail, Corporate and Islamic sectors for banks and other financial service companies. The 10 time winner of ‘World’s Best Selling Lending Solution’, helps digitize the complete loan lifecycle.
  • FinnAxiaTM : An integrated global transaction banking solution used by banks worldwide to offer efficient and Innovative global payments and receivables, liquidity management and business internet banking services.
  • PaySeTM : The world's first online & offline digital payment solution designed and created with an aim to democratize money by making banking services available to the unbanked in remote geographies.
For more information, please visit : http://www.nucleussoftware.com

For Media related information, please contact:

Sunil Kumar Singh / Kiran Hans Khowal

Finese PR

Email: nucleus@finesepr.com
Phone: +91-9818363518 | +91-8375969143