Intrasoft International bullish on Africa banking tech business
Banking software vendor Intrasoft International has launched its African subsidiary. Kenya-based Intrasoft International East Africa will sell and implement the vendor’s flagship core banking system, Profits, as well as auxiliary solutions for AML, call centres, e-signature and fingerprint identification.
It will also provide software and services to the public sector.
The project has been underway since last September.
Intrasoft initially made inroads into Africa over five years ago. The first success was the signing of four microfinance institutions (MFIs) in Rwanda – Kamabuye, Kibungo, Musanze and Ubaka – brokered via the vendor’s partnership with Rwanda Microfinance Association.
These are now running the microfinance version of Profits. Installed modules comprise customer and product management, security and remote authorisation, teller/branch support, loans, deposits, collateral management and GL.
The vendor then gained a larger deal in Kenya, with domestic mortgage lender Housing Finance (HF Group).
Another core banking software client came from Uganda, in the shape of Centenary Bank.
The latest core software project for Intrasoft has been in Tanzania, at a start-up bank, Mwalimu Commercial Bank (MCB).
MCB, which plans to open for business later this year, says it chose Intrasoft having evaluated regional and international suppliers.
The implementation started in February and the completion is penned for September. MCB’s director of banking and finance, Andreas Diamantea, is confident that the implementation will be done “on time, within a specified budget and with the quality desired”.
In Zambia, the vendor is working on the Zambia Electronic Clearing House Limited (ZECHL) project. It includes the implementation of the national payments switch.
Whilst Intrasoft has wide international reach with its various IT offerings (the vendor is also active in the telecoms, public, healthcare and transport sectors), this is the first foray of its core banking software – Profits – outside of Southern Europe.
The vendor has around 20 clients that run Profits. The overwhelming majority of these are Greece-based, where the company originates from. Intrasoft International’s HQ is registered in Luxembourg.