i-flex enters South African mass banking space

By : |September 20, 2001 0



BANGALORE: i-flex solutions Ltd. will implement its FLEXCUBE for TEBA Bank,
Midrand, South Africa, across all branches. This is the first win for i-flex in
the mass banking space in the South African market. i-flex has a total of 5
customers in South Africa. This list includes banks like ABSA, one of South
Africa’s largest banking group.

i-flex head of sales Africa A Srinivasan said, "South Africa has a
population of 40 million. Mass- Banking institutions address the needs of
population which belong to the industrial laborers and agriculturists category,
typically miners, daily wage workers etc."

"Mass bankers account for approximately 30 per cent of the total South
African population. This is indeed a huge per cent of the total populace. The
needs of these customers were previously met by highly specialized institutions
but now many major banks are aggressively entering this space. This entails a
massive business opportunity for i-flex, which has expertise and technology to
meet the needs of the mass-banking space, " he further added

i-flex has a presence in the African market with a substantial customer base.
The company has a significant percentage of this market with its advanced
technology and in depth knowledge of the dynamics of the domestic financial
market place. This competitive edge has helped it capitalize on the immense
growth potential that the liberalization process has created within the banking
and financial services industry helping it emerge a front runner in this market.

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