Neptune Software plc, a leading provider of banking systems, today announced that Efatha Bank, a new bank opening in Tanzania, has selected Neptune's Rubikon Banking System to drive its ambitious objectives.
Efatha Bank is an affiliate of the well-established Efatha Foundation Ltd which has investments in several other sectors across the country including real estate and agriculture. The bank, in line with the Foundation's mission statement, will aim to provide world-class banking services to a broad and inclusive range of customers, both retail and commercial.
The Managing Director of Efatha Bank stated that "being a part of the Efatha Foundation with its extensive reach means that we enjoy tremendous goodwill from corporate organizations as well as potential retail customers. Our research has shown that we have a substantial waiting customer base and we needed a functionally rich, resourceefficient and usable system that would support the demanding start we anticipate. Our team, including representation from our board, looked at several systems including those running elsewhere in Tanzania. We did not hesitate to decide in favour of Rubikon, which offers features well ahead of competing products. As a new entrant in a relatively mature market dominated by multinational banks, we needed a system that offered an edge and we are delighted we found one."
Commenting, Stephen Roberts, Neptune's Executive Director said that "Efatha Bank is a very attractive client for an aggressive software solution provider such as Neptune. We aim to offer real solutions which contribute tangibly to the success of our clients. Efatha Bank are very clear on their go-to-market strategy and intend to punch above their weight category. We look forward to supporting their vision and developing our relationship with Efatha as they grow with time."
Adding his comments, Chibuzo Ene, Neptune's Managing Director for the region observed that "clear opportunity still exists in Tanzania for innovative banks that are
determined to enhance their customers' experience beyond what a typical Tanzanian bank offers. For a number of reasons, new products and delivery channels have not been exploited despite recent positive developments in terms of infrastructure, availability of IT skills and legislation. Banks such as Efatha who have the right systems can enjoy first mover advantage."
Efatha Bank will commence operations in Dar es Salaam but will extend its branch network across the entire country. The implementation project will be over a 2-month period, and Rubikon will go into production in time for Efatha to open its doors for business in August 2009.