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First City Monument Bank (FCMB) Nigeria Goes Live with Nucleus Software's CASH@WillTM

March 31, 2009 | Press Release
New Delhi, India | Lagos, Nigeria, Tuesday March 31, 2009: Nucleus Software Exports Limited (NSE: NUCLEUS, BSE: 531209), a leading global provider of integrated software products for banks and financial institutions, today announced its Cash Management Solution CASH@WillTM has been successfully deployed at First City Monument Bank (FCMB) Nigeria. CASH@WillTM will facilitate webbased cash management services for the bank’s corporate customers.


Nucleus Software's Cash Management Solution – CASH@WillTM, will technologically empower First City Monument Bank (FCMB) to offer corporate customers optimized cash management services, improved funds collection and inflow forecasting, payment dispatch and funds utilization. The Solution will provide a competitive edge in terms of flexibility, speedy and efficient execution of cash management processes.

First City Monument Bank plc (FCMB) with over 140 branches across Nigeria is the first bank established without government support in Nigeria. The Bank is the flagship of First City Group, Nigeria’s leading comprehensive financial services provider. The Bank accounts for over 2% of total assets in the banking industry and has over 140 branches across Nigeria.

On this occasion, Mr. Babatunde Macaulay, Senior Vice President and Group Head of Transaction Banking from First City Monument Bank (FCMB) commented, “In seeking long-term strategic partnerships with our corporate clients, we have deployed significant capital towards enhancing our Transaction Banking capabilities. This is in line with the needs assessment of our target market, whose business objectives are constantly being challenged by increasing globalization and the need to therefore compete effectively. CASH@WillTM which has enhanced capabilities across Cash Management, Liquidity Management, Financial Reporting will facilitate our client’s working capital needs are met and delivered through innovative solutions using a product centric approach, backed by a specialist team having a combined core product expertise of over 35 years in domestic and international markets.”

Mr. Vishnu R. Dusad, CEO and Managing Director, Nucleus Software Exports Limited, said, “We are proud to see our Cash Management Solution getting foothold in the African region. Our CASH@WillTM offering will act as a powerhouse for the First City Monument Bank to provide operational excellence in service support to its customer’s asset and liabilities. Africa is an important focus area for Nucleus as we want to equip banks and financial institutions in the region with the best technologies to enhance their competitive edge and customer focus. We look forward to closely working with First City Monument Bank to harness the full potential of the CASH@WillTM.”

 About First City Monument Bank Limited:
FCMB is the first bank established without government support in Nigeria and it is one of the leading merchant bank in Nigeria. First City Monument Bank (FCMB) Plc was licensed in 1983 and in 2005, became a fully-fledged Universal Bank with Commercial and Investment Banking Divisions. FCMB presently ranks amongst the top 10 Banks in Nigeria with over 140 branches in Nigeria and shareholders’ funds in excess of N130 billion (Naira).. The Commonwealth Development Corporation, an investment arm of the British government, has also recently committed significant investment in FCMB. It has been assigned ratings of A1 and A+ in the short and long term respectively by Global Credit Rating (“GCR”) of South Africa.

About CASH@WillTM:
All other parameters being equal, how well an organization manages its collections, payments and liquidity has a direct bearing on its status, against a competitive backdrop. Nucleus Software's Cash Management Solution Cash@WillTM built on new generation technologies of Oracle empowers banks to offer their corporate customers optimized cash management services, dramatically improving funds collection and inflow forecasting, payment dispatch and funds utilization. It provides anytime, anywhere access to quality real-time consolidated information and seamlessly supports multi-bank, multi-currency, multi-lingual transactions, ensuring smooth flow of information and cash.

About Nucleus Software

Nucleus Software (BSE & NSE: NUCLEUS) is the leading provider of lending and transaction banking products to the global financial services industry. Its software powers the operations of more than 150 companies in 50 countries, supporting retail banking, corporate banking, cash management, internet banking, automotive finance and other business areas. Nucleus Software is known for its world-class expertise and innovation in lending and transaction banking technology. It has two flagship products, built on the latest technology:
  • FinnOneTM 10 time winner - World’s Best Selling Lending Solution. 
  • FinnAxiaTM, an integrated global transaction banking solution used by banks worldwide to offer efficient and Innovative global payments and receivables, liquidity management and business internet banking services.
Forward-looking and Cautionary Statements: For risks and uncertainties relating to forward-looking statements, please visit: http://www.nucleussoftware.com/safe-harbor.

For Media related information, please contact:

Rashmi Joshi, Nucleus Software
Email: rashmi.joshi@nucleussoftware.com
Phone: +91-9560694654