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Local partner implements FERNBACH´s IFRS solution at top-tier bank in Nigeria

FERNBACH deepens its stronghold on the sub-Saharan African market with the addition of a new customer in West Africa.

About the bank:

The customer is a top-tier commercial financial institution which provides services for governments, small and medium-sized enterprises, multinationals, regional companies and state-owned companies in its domain of operation.

This client, who is part of a banking group with operations in 36 countries on four continents, has decided to appoint FERNBACH as sole executor of the landmark project, which broadly aims at implementing an automated IAS 39/IFRS solution which also ensures full compliance with IFRS 9.

About the project:

Apart from delivering sterling service, FERNBACH will consistently integrate local staff into successive deployment phases. The strategic objective is to not merely achieve the client’s additional targets for streamlined internal reports and regulatory reporting provisions, but simultaneously ensure sustainability of accounting standards and cost savings to the customer in the long term.

Following the Central Bank’s aim of restoring confidence in the financial system and further development for the country, the bank opted to implement FERNBACH’s future-proof automated IFRS platform which will enable the bank not only to comply with the current IAS 39 standard but also with IFRS 9 standards by January 2018.