Five Financial Institutions Adopt Neptune's Orbit Banking System in Nigeria

Mergers, Acquisitions and Financial Results

Five financial institutions in Nigeria have signed on to Orbit banking solution after a thorough evaluation and selection process involving several other Microfinance banking solution competitors in Nigeria.

These financial institutions include Susu Microfinance Bank, Omega Savings & Loans, Parkway Microfinance Bank, New Heights Microfinance Bank and Abbey Building Society.

A statement made available to THISDAY disclosed that during the evaluation process, Orbit proved itself to be a functionality rich banking solution designed to deliver robust solutions to meet all the needs of modern micro banks and other microfinance institutions.

Orbit is a relationship centered mechanism for retail services. It has been designed specifically to maximize the efficiency of retail banking. The solution delivers the latest proven front office, deposits, loan processing, regulatory reporting, reconciliation, system administration and relationship information management capabilities.

Neptune Software was incorporated in 1999 and currently offers three product suites: Equinox, a universal banking solution, Orbit Banking System for MFIs and micro banks and Nexus ERP solution. Neptune has for the past three years embarked on an ambitious new project, named Rubikon, a new generation banking platform.

Neptune's product suites are based on modern, modular architecture capable of delivering robust, scalable and functionally rich solutions. Neptune's proven capability in rapidly delivering top-class universal banking solutions has resulted in client banks achieving award winning efficiency.

During the last seven years, Neptune has partnered with 40 banks and financial institutions in their core-banking technology and process re-engineering initiatives. Headquartered in London, Neptune has established support offices in Lagos , Nairobi , Johannesburg and offshore development centers in Lagos and Chennai ( India ).

Owing to its interest in the microfinance segment, Neptune had earlier signed a multi million dollar agreement with Horus Development Finance of France to implement Orbit Retail Banking System for micro banks and microfinance institutions in several African countries.

This is a long term agreement with more than 14 such system implementations forecast to date. Horus Development Finance, created in 1994, is a microfinance specialized service provider, consultant, technical assistant, operator and investor mainly in developing countries. Horus fields of expertise include management of microfinance operations, evaluation and audit of microfinance institutions and retail banks, institutional and strategic studies, management and MIS consulting for microfinance institutions and financial sectors at large.

The philosophy is to develop long term technical and financial partnership with MFIs or banks developing a microfinance activity. In 2005, CGAP a Washington-based consortium of public and private development agencies and a resource center for the entire global microfinance industry, awarded a 4-star rating (maximum obtainable) to Orbit Banking System for its operational excellence.

Atul Pande, Sales Director, Neptune Software Plc said that Orbit is the result of many years of experience and approach aligned to banks best practices; he reiterated that the software's edge over competition is its highly configurable design and adaptability to specific business requirements of any microfinance institution.

(Source: The Monitor)