FCMB went live with FlexFinance® IFRS after a three-month implementation period

First City Monument Bank Nigeria declares acceptance of FERNBACH’s FlexFinance® IFRS project

(PresseBox) ( Munsbach, )
LUXEMBOURG, 09 MAY 2012 - FERNBACH Financial Software S.A. reports that First City Monument Bank Plc (FCMB) Nigeria has officially signed acceptance of the FERNBACH FlexFinance IFRS project.

After the Federal Executive Council of Nigeria had unveiled the road map for Nigeria's adoption of International Financial Reporting Standards (IFRS), FCMB had selected FERNBACH to assist. Key factors in the decision were the availability of live referenceable clients, the extensive functionalities of FlexFinance and the proven IFRS BRIGHT implementation methodology.

The project started on 16 August 2011 and was performed in a multinational cooperation with CSNC, the local partner of FERNBACH in Nigeria.

The system went live with the processing of December 31, 2011. The operation of the system is ensured by a maintenance contract and continues the good relationship between FCMB, CSNC and FERNBACH.

About FCMB

FCMB, a wholesale banking group with an emerging retail banking business is the flagship company of the First City Group, one of Nigeria's leading comprehensive financial services providers. Established in 1982, it has emerged as one of the leading financial services institutions in Nigeria, a top 10 bank with subsidiaries that are market leaders in their respective segments. FCMB has roughly 1,800 employees, 133 branches and cash-centres spread across every state of the Federal Republic of Nigeria, a presence in the United Kingdom and a representative office in the Republic of South Africa. www.firstcitygroup.com/fcmb/

About CSNC

Circuit Systems and Networks Communications (CSNC) is an Innovative ICT Solution Company established in November 2010, with core competencies in information technology consulting and audit, innovative and value added solutioning, custom software development, system integration and implementation.

To deliver these solutions, CSNC partners with world class best of breed OEM solutions from organizations like IBM, HP, Oracle, Microsoft, Symantec, EMC and other technology organizations (at local and international level). www.csn-ng.com
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