Published Date: June 13, 2005
Nairobi, June 13, 2005 Equity Bank, Kenya has announced that it has signed up with Infosys Technologies Limited to deploy Finacle core banking solution to replace the bank’s decentralized, mainframe based legacy system across its 23 branches. The bank will also deploy treasury and e-banking solutions from Finacle. The strategic technology deal will support the bank’s growth plans in branch network, ATM rollouts and product diversification.
Announcing this at a press conference organized in Nairobi on June 9th 2005, Equity Bank CEO James Mwangi said, “The bank is focusing on revamping our IT infrastructure by deploying the new generation Finacle core banking platform and ATMs across our branch network. Our customers will enjoy among other services, Internet banking, ATM services, secure mobile banking, SMS alerts and greater customer profiled products.”
According to Merwin Fernandes, Vice President and Global Head, Sales & Marketing- Finacle, Infosys, “This win in Kenya further reinforces Finacle’s position as a preferred choice for core banking replacements in Africa. We are excited at this opportunity to provide Equity Bank, a leading Kenyan institution, the competitive edge of new generation technology to support their expansion plans. We are confident that Finacle’s unmatched flexibility and scalability will enable Equity to launch new and differentiated products and services with significant time-to-market advantage.”
Mr. Mwangi added that as the Bank continues its focus on the micro finance market, new appropriate technologies that help facilitate access to financial services by under-banked sections of the population would remain a key plank of the bank’s focus. The Finacle deal is part of a massive business transformation project that the bank is undergoing, valued at approx. US $ 8 million, which includes the new generation core banking platform, revamped hardware including a state-of-the-art data centre and an enhanced ATM network.
Equity Bank started its operation in 1984 as Equity Building Society. On 31st December 2004 Equity Bank Limited was converted to Equity Bank Limited, owing to the growth in business volume and outreach necessitating the conversion to a commercial bank. The bank, which is over 80% publicly owned, is a leading micro finance institution providing a wide range of products and services. Equity Bank’s vision is to be the preferred micro finance service provider contributing to the economic prosperity of Africa. www.ebsafrica.com.
Finacle, the universal banking solution from Infosys, empowers banks to transform their business leveraging technology. The solution addresses the core banking, e-banking, treasury, wealth management, CRM, and cash management requirements of universal, retail, corporate, community and private banks worldwide. Finacle has been architected out of years of experience with global banks and offers several powerful and differentiating features making it one of the most comprehensive, flexible and scalable solutions in its class. For more information, visit www.edgeverve.com/finacle.
Infosys Technologies Ltd. (NASDAQ: INFY) defines, designs and delivers IT enabled business solutions. These provide our customers strategic differentiation and operational superiority, thereby increasing business competitiveness. Each solution is delivered with a high degree of time and cost predictability that ensures peace of mind. With Infosys, you get a transparent business partner, business-IT alignment with flexibility, world-class processes, speed of execution and the power to stretch your IT budget by leveraging the Global Delivery Model that the company pioneered. For more information, visit www.infosys.com