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Bangalore, October 23, 2002:

Infosys Technologies Limited, the global IT consulting, software products and services powerhouse announced that it has entered into an alliance with Kakawa Discount House, Nigeria, a discount house formed by a consortium of key banks in Nigeria. Kakawa Discount House will deploy Infosys' Finacle suite of solutions. With this win, Infosys has acquired 8 clients in Nigeria and 15 in Africa within a short time of entering this market.

Mr. Merwin Fernandes, Associate Vice President and Global Head - Sales and Marketing, Banking Business Unit, Infosys Technologies Limited said, "Today Infosys’ Finacle ePlatform has set the technological standards for banks in many parts of Africa. Apart from cutting edge functionality and future compatible technology, what makes our solutions highly competitive is our ability to deliver time and again, within aggressive timelines and on budget. We have a built a formidable and consistent track record in the Nigerian market on the delivery front, ever since we won First Atlantic Bank Limited, our very first client in the country. We are confident that we will be able to maintain this track record with our latest client, Kakawa Discount House too."

In his statement, Mr. Venkatramana Gosavi, Regional Manager for Africa, Banking Business Unit, Infosys Technologies Limited said, "We are excited with this opportunity of working with Kakawa Discount House. This will enable us to further consolidate our leadership position in Africa, which is a key focus region for us. In spite of being a late entrant in this market, we have been able to surge ahead of competition based on an all round superior value proposition, in the context of these customer wins."

"We believe that in the current highly competitive banking scenario, a powerful, flexible and proven technology infrastructure is the need of the hour. Finacle - Infosys electronic platform no doubt commands an international reputation with respect to IT solutions. Considering that several banks in Nigeria have successfully leveraged the Finacle suite of solutions and the future connectivity advantage/cross-selling of products that this would offer, we selected Finacle. We look forward to a quick deployment of the solutions and are confident that Finacle will provide us a new generation technology that would enable us offer our customers better services and a delightful new experience." said Mrs. Bola Adesola, MD, Kakawa Discount House Limited.

"We evaluated different solutions for driving our IT initiative and found Finacle suite of solutions from Infosys Technologies Limited suitable for delivering our services. With the increasing competition in the financial services industry, technology is going to be the key differentiator for us. We look forward to implementing the new system in the shortest possible time", said Mr. Gboyega Fatoki, Head of Business Operations, Kakawa Discount House.