WHO'S WHO IN MICROFINANCE: Neptune Software Plc

Founded in 1999, Neptune Software Plc is a banking software provider. The UK-based company has over 170 employees and offices in the UK, South Africa, Nigeria, Kenya, Uganda, and India. Neptune partners with technology leaders such as BEA, Oracle, Sybase, IBM, and Business Objects. While Neptune also provides financial services software to the broader financial services industry, the company has created a niche with microfinance institutions. In Nigeria, Neptune has partnered with over 45 successful microfinance institutions. In 2005, CGAP awarded the company the highest rating, 4 stars, for its operational excellence.

Neptune Software’s Orbit-R product was designed to accommodate the relationship focus of microfinance institutions as opposed to the product focus of other financial services providers. Orbit supports deposit management, loan processing, including group lending which is very common in MFIs, CBN regulatory reporting, system administration, and relationship management. In 2007, Neptune booked a very high profile client in the microfinance industry in FINCA International. The partnership requires Neptune to supply and support the Orbit product to all five of FINCA International’s African operations. In 2006, Neptune signed a long-term, multi-million dollar agreement with Horus Development Finance, a French consulting firm and technical assistance provider in the microfinance sector. After developing a presence consulting in microfinance, Horus began managing capacity-building projects and microfinance institutions. To date, the agreement has resulted in 18 installations of Orbit including the most recent announcement of launches at five Nigerian microfinance firms.

Neptune Software’s key management team includes:

Patrick Hayward, Managing Director and Member of the Board of Directors – Mr. Hayward has over 25 years of leadership experience in the Financial Services software business. Prior to joining Neptune, he co-founded Internet Systems, an Illinois, USA-based ATLAS system provider. He has also served as the EMEA Managing Director of London Bridge Software and more recently, GoldenSource, an Enterprise Data Management company. Before he entered the software solutions industry, Mr. Hayward spent 16 years in international banking operations and led the Banking Consultancy business of Arthur Young (Ernst & Young) across Europe.

Chibuzo Ene, Regional Director for Eastern Africa and Member of the Board of Directors – Mr. Ene brings over 15 years of experience in software development, implementation, and support to Neptune Software. As the Regional Director for Eastern Africa, he has overall responsibility for Neptune’s 30+ operations in the region’s nine countries. He has worked with a number of software providers and was Africa Product Manager for the Novaswift SWIFT Interface software from Cereberus Software of Southampton UK. He holds a BSc in Computer Science.

Robert Morschel, Chief Architect, Head of Development – Mr. Morschel has over 20 years of software architecture, design, and development experience. Prior to joining Neptune, he worked as a Senior Architect for companies such as Fidelity Investments and Nomura. He has extensive experience in both front- and back-office technical architecture in the financial services domain. Mr. Morschel holds a post graduate degree in Mathematics and Computer Science from the University of Cape Town.

Alan Goodrich, Commercial Director – Mr. Goodrich has over 20 years of experience working in financial services and information technology. He has specialized in successfully launching new and existing products into new market segments. He is a Fellow of the Institution of Analysts and Programmers (FIAP) and a former Securities & Futures Association (SFA) General Registered Representative authorized to give investment advice from 1989 to 1995.

In addition to Mr. Hayward and Mr. Ene, the Board of Directors includes:

Simeon Agu, Board Chairman – Mr. Agu has 38 years of experience in the IT industry which includes tenure with Shell in Nigeria and the National Electric Power Authority (NEPA) as the Director of Computer Services. Mr. Agu set up Nigeria’s first software company in 1984 and focused the company’s activities on the banking industry. After partnering with Phoenix International, Computer Systems Associates built Smartbank, a Cobol based solution that sold to 10 Nigerian banks. The partnership with Phoenix International led to the Equinox Banking System and the establishment of Neptune Software Group. Mr. Agu has a degree in electrical engineering, holds a post graduate diploma in accounting and finance as well as a fellowship of the Nigeria Computer Society.

Jessica Petersson, HR Manager and Company Secretary – Ms. Peterson gained her human resources experience working for law departments and university directorships, law firms and litigation support firms internationally. She holda post graduate international legal degree, New Zealand, a Masters in International Law and Politics, USA, and an LLB Law degree in English and German Law, UK.

By Iyanna Holmes, Research Assistant

Additional Resources:

AllAfrica.com: Nigeria: Five Microfinance Banks Sign on Neptune Solution

CGAP: Software Review of EQUINOX (Version 4.0.1)

MICROCAPITAL STORY: July 23, 2007, Five Nigerian Microfinance Banks opt to Use Neptune’s Orbit Banking System

Neptune Software Plc

Neptune Software Press Release: October 17, 2008, Advans Ghana Goes Live With Neptune’s Orbit