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most widely installed is Oracle FSS’s Flexcube, but these are fairly old sites. Temenos has had a couple of wins in the past. And India-based Nucleus had gained a foothold in Zambia in 2009 with a win at Rabobank (what was National Commercial Bank) for its FinnOne lending system, with the project apparently including Islamic banking. Overall, the deals had been few ahead of a marked pick-up in 2013. Of the 20 or so banks, more than three-quarters are


foreign-owned. There are more than 30 MFIs. The four largest banks account for around two-thirds of assets. One selection that was under way during 2013 was at


National Savings and Credit Bank (Natsave), a government- owned bank which was looking to replace Neptune’s Rubikon system, which it selected in late 2008. This saw a decision by the bank for Infosys’ Finacle, although there were suggestions from sources close to the selection that it might be reopened. Separately, Oracle FSS and Temenos claimed two deals each in Zambia in 2013, with one of the latter coming at CETZAM Financial Services, which is focused on lending for SMEs. There were no decisions in 2014. Oracle FSS enhanced its lead by one more deal win in 2015.


Zimbabwe


Despite economic and political turmoil, not to mention a major banking crisis in 2003/4, hyperinflation until 2009, and continued concerns around liquidity and systemic risks, Zimbabwe has continued to attract international vendors, particularly since the dollarisation of the economy in 2009. There were three deals in each of 2010 and 2011, two in 2012 and one each in 2013 and 2014. In 2010 there were two successes for Neptune, while


Time Bank signed for Misys’ Bankfusion. In 2011, two of the deals went to Temenos (one of which was Royal Bank of Zimbabwe) and one to Nucleus. There had been wins for Neptune and Oracle FSS in 2006,


another in 2008 for Neptune and the first deal anywhere for Misys’ Bankfusion, at Standard Bank, in the same year (driven by the need for a system that could handle the field size necessitated by the country’s rampant inflation). However, the system is due to be replaced with Infosys’ Finacle, as part of the pan-African roll-out of this platform by Standard Bank. The 2012 selections came at TN Bank Zimbabwe for


Temenos’ T24 and People’s Own Savings Bank (POSB) for the Ethix core system from Middle East supplier, International Turnkey Systems (ITS), to replace Neptune’s Equinox. Misys has also gained upgrades. ZB Bank opted for


Bankfusion Equation in 2011, and so did Renaissance Merchant Bank, a long-standing Equation and Trade Innovation user. Also in 2011, the newly-formed Interfin Bank (created by merging Century Bank/CFX Bank and Interfin Merchant Bank) signed for Bankfusion Equation. Century Bank had been an Equation user, while Interfin Merchant Bank had run Flexcube. The deal to standardise the systems at the merged entity was won by Misys against Oracle FSS and Temenos. However, Interfin was placed into curatorship by the Reserve Bank of Zimbabwe in 2012 (extended until the end of 2014). The 2013 deal was from Tetrad Investment Bank, which


was moving from merchant bank to commercial bank status. The wide-ranging deal with Infosys covers the core, CRM, wealth, online banking and mobile. Nucleus picked up the only deal on offer in 2014. Zimbabwe has 26 banks, 16 asset management


companies and 172 microfinance institutions under the supervision of the Reserve Bank. Several banks have been closed in recent years and the central bank increased capital requirements by tenfold in 2012 to try to bring stability. One move that might stimulate additional systems demand in Zimbabwe is the government’s enthusiasm to introduce Islamic banking.


Harare International Airport, Zimbabwe


Market Dynamics Report www.ibsintelligence.com


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