FERNBACH Financial Software S.A. reports that First City Monument Bank Plc (FCMB) Nigeria has officially signed acceptance of the FERNBACH FlexFinance IFRS project.
After the Federal Executive Council of Nigeria had unveiled the road map for Nigeria's adoption of International Financial Reporting Standards (IFRS), FCMB had selected FERNBACH to assist. Key factors in the decision were the availability of live referenceable clients, the extensive functionalities of FlexFinance and the proven IFRS BRIGHT implementation methodology.
The project started on 16 August 2011 and was performed in a multinational cooperation with CSNC, the local partner of FERNBACH in Nigeria.
The system went live with the processing of December 31, 2011. The operation of the system is ensured by a maintenance contract and continues the good relationship between FCMB, CSNC and FERNBACH.