Nigeria's First Bank selects FinArch for IFRS requirements

Source: FinArch

Blueprint Business Technologies Limited (BBT) and Financial Architects nv (FinArch) announced today that First Bank Plc has selected FinArch's Financial Studio Accounting for IFRS solution to meet the Nigerian IFRS requirements.

This strong customer win is a result of the partnership between Blueprint Business Technologies Limited (BBT) and FinArch. Financial Studio is the first and only fully integrated Finance Resource Planning (FRP) solution for banking and financial institutions. It addresses the specific needs of the finance sector with the convergence of risk management and accounting practices across all banking and financial disciplines. This win strengthens BBT's position as one of the fastest growing Nigerian ICT solutions companies and FinArch as market leader for IFRS software. Together creating a synergetic "tour de force" in the West African market.

This partnership agreement, between two such reputable companies, marks a strategic move in expanding the market reach and building the foundation for excellent quality of service. Saheed Alao, CEO of Blueprint Business Techologies (BBT) Limited states: "Spout Advantage Solution (SAS) and its sister company, Blueprint Business Technologies (BBT) Limited, partners with best-in-class solution providers in terms of functionality, lower TCO, robustness and ability to deliver. FinArch absolutely represents the logical choice for our customers. That the largest bank and pacesetter in the financial industry in Nigeria, First Bank Plc, chooses FinArch's Financial Studio Accounting for IFRS is a further testimony to FinArch's Number 1 rating in Risk and Finance Integration by Chartis Research. Our relationship with FinArch is focused on providing solutions and services that will help the Financial Services Industry in Nigeria. In addition to IFRS and Accounting we want to deliver the best possible solutions in the areas of Risk & Capital Management, Compliance in West Africa, all based upon FinArch's Finance Resource Planning (FRP) framework. With the strength of both organisations and investments that have been made and still being made, we are well positioned to achieve this." Alao concludes.

Mr. Rasheed Adegoke, Group Chief Information Officer of First Bank Plc, says: "We have a target to complete the deployment of our IFRS accounting and reporting solution by December 2011 or in less than four/five months. So, speed of delivery was a key factor. Beyond this we needed a solution that could meet our immediate IFRS compliance requirements but which is also easily extensible to meet future compliance requirements beyond IFRS. Furthermore, we required a solution that is easy to use and which will require minimal dependence on technical IT personnel once in production." Adegoke continues: "Our choice for FinArch's solution was based on the demonstrated ability of the solution and its provider to meet these requirements. The unique selling point of FinArch's solution is undoubtedly its superior extensibility and ease of use. Financial Studio being built on Microsoft technologies also means a lower total cost of ownership. Moreover the strengths of FinArch for the long term, financial stability, demonstrable growth are important for a strategic partnership."

"Nigeria is one of the fastest growing economies on earth and widely tipped to be in the list of the world's top twenty economies before 2020. To have the biggest bank in Nigeria putting its trust in FinArch and our strategic IFRS solution is both rewarding and reassuring. We are delighted to welcome First Bank to the FinArch family. We are very happy that First Bank recognizes our market leading end to end IFRS accounting solution as 'best of breed'," comments Nigel Lee, FinArch's Chief Commercial Officer. "It is very important that banks select a partner that not only has the right software solution, but also a successful delivery track record and a broad base of subject matter expertise. It is also mission critical that banks select a software partner that is financially stable and capable of supporting them for many years in the future." Lee adds. "I would urge every bank to perform a thorough financial due diligence of the vendor when selecting a software solution, particularly in the current economic climate. Together with our partner BBT, we are confident that we have the perfect combination of software, skills, experience and long term commitment to become the most trusted software partner for Nigerian banks." Concludes Lee. 

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