A new bank in the Tanzania banking sector, Efatha Bank, has recently announced their plan to work with Neptune Software plc, a leading provider of banking systems, and utilize the Neptune Rubikon Banking System in order to realize their ambitious objectives.
The new Efatha Bank is an affiliate of the well-established Efatha Foundation Limited, which is already an investor in the country’s real estate and agriculture sectors, as well as several other sectors across the country.
The goal of the upcoming bank will be to provide a wide and inclusive range of customers, both retail and commercial, with world-class banking services.
Banking operations will begin in Dar es Salaam, but services will eventually be extended across the country.
Overall, the project is expected to stretch over a 2-month period, with the Rubikon services going into effect in time for Efatha to open its doors for business by August 2009.
According to a recent report by Finextra, the Managing Director of Efatha Bank indicated that, as a result of their affiliation with the Efatha Foundation, which covers a wide range of services and therefore has extensive sources of revenue, the upcoming bank will be able to benefit from a variety of corporate organizations and potential retail customers.
“Our research has shown that we have a substantial waiting customer base and we needed a functionally rich, resource efficient and usable system that would support the demanding start we anticipate,” said the managing director, “We did not hesitate to decide in favor of Rubikon, which offers features well ahead of competing products [because] as a new entrant in a relatively mature market dominated by multinational banks, we needed a system that offered an edge and we are delighted we found one.”
In response, as far as the Neptune Software plc is concerned, the company’s Executive Director, Stephen Roberts, has said that Efatha Bank was an attractive client to their company, which seeks to offer real and tangible solutions to advance the success of their client base.
“Efatha Bank is very clear on their go-to-market strategy and intends to punch above their weight category,” said Mr. Roberts, “We look forward to supporting their vision and developing our relationship with Efatha as they grow with time.”
In addition, the software company’s Managing Director for the region, Chibuzo Ene, was quoted by Finextra as saying that there was still ample opportunity in Tanzania for banks with innovative ideas and strong system support.
“Clear opportunity still exists in Tanzania for innovative banks that are determined to enhance their customers’ experience beyond what a typical Tanzanian bank offers,” he said, “For a number of reasons, new products and delivery channels have not been exploited despite recent positive developments in terms of infrastructure, availability of IT skills and legislation [therefore] banks such as Efatha who have the right systems can enjoy first mover advantage.”