Nairobi, Kenya: MFI Enterprises Solutions, an ICT company based in Kenya, Africa announced
that it has entered into a strategic partnership with Polaris Software Lab, a global leader
in financial technology from India. MFI has tied up with Polaris to bring their acclaimed
intellect suite of banking and financial products to increase banking efficiency and control
fraud in the Kenyan and East African financial market.

Polaris’ time-tested solutions come with a proven track record of lifecycle functionality
and highly secure fool-proof frameworks. With a key advantage of having the most
comprehensive suite of products, banks and financial institutions particularly stand to
benefit through the installation of software that eliminates the risk of working in silos,
and at the same time, lowers costs which benefits the final consumers of the service.

MFI intends to bring world class solutions from Polaris to this marketplace and thereby
enable Kenyans access to top-notch banking services. This development comes in the wake of
recent media reports
of financial fraud among local commercial banks in Kenya which has adversely affected the
image of the financial sector in the country.

While fraud within the financial sector is a global phenomenon, it is a vice that needs to
be tackled with a multi-pronged approach, and several large banks in Kenya are actively
pursuing a number of policy objectives aimed at reducing the risks associated with cheque
payments and electronic fund transfers.

In addition, major initiatives announced for the Kenyan ICT sector, against the backdrop of
increased mobile and Internet penetration, increased awareness and access to software
products, buttressed by the arrival of the submarine fibre optic cables, has given the
industry a much needed shot in the arm.

Speaking at the launch in Nairobi today Mr. Aadil Tharani, MD, MFI Enterprise Solutions said
financial institutions in Kenya and other regions in Africa were looking for innovative
software solutions that would increase efficiency, reduce costs and most importantly,
control fraud and misuse of funds.

“After evaluating Polaris’ most comprehensive suite of solutions, we identified 35
world-class products that include Core Banking, Cash Management, Trade Finance, Risk and
Treasury and Two-Factor Authentication which we believe will greatly benefit the economy.
It is also part of a national banking and payment settlement reform process aimed at
bringing us at par with the rest of the world to make Kenya a truly regional financial hub”
he said.

K Srinivasan, Head, Monetization and Global Alliances at Polaris Software Lab Ltd said,
“Africa plays an important role in the growth strategy of Polaris. The market is underserved
in the region and there is an immediate need for high quality banking technology solutions.

We have satisfied customers in Tanzania and Ghana and we are seeing a significant new market
for our comprehensive suite of products that reduce risk of fraud through tighter
integration. Our foray into Kenya in conjunction with MFI will give us the required thrust
to make rapid strides in the region. The financial sector in Africa is changing rapidly with
liberalization and automation at its peak. Polaris is
happy to be part of this transformation.”

Polaris Software Lab is a leading Financial Technology company, with its comprehensive
portfolio of products, services and consulting. Polaris has talent strength of over 9,000
solution architects, domain and technology experts. The company owns the largest set of
Intellectual Properties in the form of a comprehensive product suite, Intellect TM Global
Universal Banking (GUB) 10.0. Polaris is headquartered in Chennai and has offices in all
global financial hubs including Tokyo, Sydney, Hong Kong, Singapore, India, Dubai, Bahrain,
Riyadh, London, Belfast, Zurich, Frankfurt, Toronto, New York,
Chicago, Fremont, Pittsburgh and Chile.

With over 25 years, experience in ICT & Office Solutions, MFI Enterprise Solutions is IT
Services Company of the MFI group, with 14 offices across Sub Saharan Africa and employing
1000 plus people. MFI Enterprise Solutions is an End to End IT services and solutions
provider. The company provides cutting edge solutions to clients by leveraging its
business-to-IT connectivity.

The company is focused into providing solutions in Infrastructure Solution, Enterprise
Applications, IT Consulting practice, IT Managed Services, Data Centre Services and
Intelligent Building Management Solutions. The company offers hardware, software & Managed
Services solutions to financial and insurance companies in Kenya and the region, and has 100
plus certified Local technical staff in Kenya .MFI Enterprise Solutions has offices in
Kenya, Uganda, Tanzania, Ethiopia, Rwanda, Burundi, Ghana, Nigeria, Zambia, Sudan, India and
UAE.

 

 

 

 

 

 

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