First City Monument Bank upgrades core banking system to Finacle version 10

First City Monument Bank (FCMB) has upgraded its core banking software to Infosys’ Finacle version 10.

The bank explained that the upgrade was performed to support planned business growth. It also thanked customers for patience during the upgrade process.

‘The pace of change in the financial services sector is unprecedented,’ says Nath Ude, executive director of senior management and technology at FCMB. ‘This new environment creates challenges but provides us with a unique opportunity.

Based in Lagos, Nigeria, offers retail, corporate and investment banking services to enterprises, SMEs and individuals. It holds around $3.7 billion in assets and employs just over 2,000 staff.

FCMB was the first bank to be established in Nigeria without government or foreign support. In 2012 it merged with compatriot commercial bank Finbank, gaining an extra 180 branches across the country.

Finding Finacle

India Post Bank is set to open its doors in 2017 supported by Infosys Finacle, following a number of delays centred on the bank’s regulatory and financial compliance.

Seen as a vital provider for India’s rural population, India Post Bank hopes to help the under-banked in the country.

Philippines-based China Banking Corporation (China Bank) is merging its two thrift banking subsidiaries, China Bank Savings (CBS) and Planters Development Bank, on Finacle.

Finacle is set to oust Misys’ Bankmaster core offering at Hong Kong’s Fubon bank. The change in system, the bank says, is down to its need more modernisation.

By Alex Hamilton

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