Neptune Software Nigeria, a subsidiary company of Neptune Software PLC, United Kingdom has signed a landmark agreement with Nextzon Business Services Limited for the installation, configuration & implementation of its Orbit banking Solution for Microfinance banks in Nigeria.
Orbit Banking application, the highest ranked Microfinance Banking Solution in the world by CGAP review based in Washington DC, 2005-date, will be the software component of a simple, world class but cost effective ICT solution to Microfinance Banks in Nigeria based on Nextzon’s venturing and outsourcing business models.
Microfinance Banks face a long list of challenges including the requirement to acquire industry standard software, recruitment of competent IT professionals, investment in network and hardware, IT governance challenges and the need to manage customers and meet other underlying business objectives. Nextzon Business Services Limited has reviewed these challenges and has come up with a winning strategy that will assist microfinance banks overcome them cost effectively.
"The initiative is breathtaking and is round about the first in the West African continent. The benefits are immense considering the fact that the solution suite is a complete package addressing all data processing issues, transaction processing, IT management, customized implementation and training, localized support, 24/7 availability, interface to payment networks including those that are local to Nigerian banks, and the possibility of sharing business ideas and user-group for the beneficiaries of this innovation", said Mr. George Agu, managing director of Neptune Software.
The Orbit Banking System was selected after a rigorous exercise including detailed assessment of over five world class microfinance solutions by highly qualified consultants. The choice of Orbit was influenced by its record in the Nigerian and wider African markets especially East Africa where it has demonstrated capability of handling complicated microfinance processes.
As part of the contract, Neptune shall supply modules of Orbit Core Banking System such as General Ledger, Deposit processing, Loans Processing, Report Wizard, Teller Processing, End of Day Processing, Relationship Information Management, Photographic and Signature Verifications among others.
Orbit has been installed in over 20 microfinance banks in Nigeria, ahead of this deal.
Mac Atasie, managing director/CEO, Nextzon Business Services, said at the signing ceremony that one key way they can achieve MFB objective is by selecting a compatible vendor who commands distinctive record in software development and implementation and at the same time has the various solutions that can be leveraged to mobilize customers, improve services and achieve the target bottom-line. "Our evaluation was thorough and we are in no doubt that Neptune’s Orbit shall deliver on this strategic initiative," he said.
Orbit Banking System is 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 solution for retail banking services. It has been designed specifically to maximize the efficiency of retail banking. The Orbit Banking System comprehensively supports, Deposit Management, Loan processing including Group Lending, CBN Regulatory Reporting, EFASS, System Administration and Relationship Information Management.
Nextzon Business Services Limited was incorporated on March 7, 2005 to carry on business as a corporate venturing and management / business advisory company. It also assists businesses in operating at world class levels and is the custodian and manager of an emerging group of companies which are set to compete favorably and exploit the commercial opportunities in their various markets.