thought to have deserted Neptune, leaving the vendor struggling for resources, according to a former worker at the bank. What was covered in the initial contract between Neptune and the bank was a point of dispute, with discord relating to whether this included software for channels such as ATMs. Nonetheless, Neptune had apparently offered to provide this software for no extra cost. The source was also critical of ‘the way Neptune does business’, and felt there was a lack of ‘key people in key posts’, which resulted in the long delays. However, towards the end of the year, Neptune claimed that ILFCO had gone live for core functionality and treasury, although other areas of functionality, such as trade finance, were still to be implemented. As for new name wins, there was just one during 2011 for


Rubikon. Equinox was now more or less positioned solely for the African microfinance market but this too seemed to have slowed. In 2010, there were only single wins for Equinox in Nigeria and Kenya, compared with twelve microfinance wins the previous year. 2011 saw a win for the aforementioned Orbit offering at Covenant Microfinance Bank in Nigeria. The Equinox user base itself was also gradually diminishing: Housing Finance in Kenya issued an RFP for a new core banking solution in early 2012; Centenary Bank in Uganda was also believed to have issued an RFP a few months later; and Standard Bank Nigeria also replaced Equinox with Finacle as part of a project to standardise on the Infosys solution across its non-domestic operations in Africa. There were also a couple of other interesting episodes for the vendor during 2011 as it was seemingly twice threatened with dissolution by Companies House as it had not filed its accounts on time. However, on both occasions, Neptune was quick to respond by filing updated information which meant the strike-off order was lifted. A spokesperson for the vendor told IBS that ‘with an obsession for perfection at Neptune we make mistakes. Both instances are the result of an administrative error on the part of Neptune.’ Perhaps most damaging of all, Simeon Agu passed away in mid-2012. Having had such a hands-on role since the start, it was unclear where this would leave Neptune. However, his daughter, Nnenna Agu, took over as acting


chairman and his son, Chuka, started the role of corporate communications manager. These positions were confirmed in early 2013, a year which brought more positive news for the supplier.The headquarters remain in Croydon but the number of international offices has been pruned markedly, so that the main presence is back in Africa. In the autumn 2013 it was reported that Uganda Development Bank (UDB), a government-owned bank, was in the early stages of implementing Rubikon. The bank evaluated a number of regional players over a 24-month selection process, including Craft Silicon, Nagalakshmi Solutions, MFI


Document Solutions, Techno Brain, Next Technologies, and Computer Point. To be replaced was a homegrown legacy platform, with a launch scheduled for Q1 2014. A second Ugandan outfit, Top Finance Bank, took Rubikon


around the same time. This was a new bank, which was hoping to launch in early 2014. Selected modules included customer, deposits and loans management, credit application, general ledger, cash and teller management, transaction processing, business process management, enterprise reporting, fixed assets, document management and internet banking. Meanwhile, a couple of microfinance institutions in Kenya


were rolling out the microfinance variant of the system, Orbit-R. These were Naku Sacco and Century Deposit Taking Microfinance Limited. These projects were also set to complete in early 2014. Indeed, Orbit-R has been a main focus for new signings. In late 2013, Yehu Microfinance Trust, which serves the microfinance markets in the coastal area of Kenya, signed to replace a legacy home-grown solution. Go-live was scheduled for April 2014. The modular scope included customer management, credit, loans and deposits management,


collateral management, accounts, transaction processing, security,


general ledger, reporting and


fixed assets. Founded in 1998, Yehu had around $5.7 million in assets and eight branches across the country Another taker at around this time was a newly licensed MFI in Nigeria, Safe Haven Microfinance, which opted for the solution in late December 2013 taking a range of modules such as relationship information management, loans and deposits, teller processing, general ledger and reporting. The Orbit-R implementation kicked off in early January 2014 and a launch date is set for March. More deals followed in Q1 2014. Unguka Bank, a


microfinance entity in Rwanda, signed for Rubikon as part of its transition to a commercial bank. Unguka Bank was Rubikon’s first taker in Rwanda. Being replaced is the Finance Solutions system from Uganda-based vendor, Sigma Data & Computers. The implementation was set to begin in May 2014, with go-live provisioned for November. The incumbent supplier, Infosys and Temenos were among contenders for the deal within a five month selection. Neptune’s regional director, Edward Makole, said: ‘We offered the best-fitted solution and good references from existing clients, using our other systems, inside and outside of Rwanda.’ These included two Rwanda-based entities, Vision Finance Company, which runs Orbit-R, and GTBank (formerly Finabank), with Equinox. In addition to the core, Unguka bank selected a number of modules including internet banking, fixed asset management and human resources. OMO Microfinance in Ethiopia opted for Orbit-R to replace its manual, spreadsheet-based processes. The contract was signed in February 2014. It was preceded by a two-year selection and a long list featuring Temenos, Colvir Software


Universal Banking Systems Market Report | www.ibsintelligence.com 293


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