HF Group live with new core banking system, Intrasoft’s Profits
Kenya-based mortgage lender Housing Finance (HF Group) has gone live with a new core banking system, Profits, supplied by Intrasoft International.
According to Frank Ireri, MD of HF Group, the new core platform will “sustain business growth”. It replaced the legacy Equinox system from regional vendor Neptune Software.
The project has been a long time coming. HF Group signed the contract back in 2012, becoming the first bank in the country to take Profits. It remains the only known taker of the system in Kenya to date.
PricewaterhouseCoopers (PwC) assisted with system selection.
The deal came at the time of Greece-based Intrasoft looking for new markets and targeting Africa. The vendor now has a regional subsidiary, Intrasoft International East Africa, based in Kenya.
It is understood the go-live was originally scheduled for 2014, but kept getting postponed.
The project attracted criticism in the local press for the procurement process, the choice of system and the time it has taken to implement.