FirstBank of Nigeria Selects Mantas ONE for Anti-Money Laundering Solution

Business Wire, March 29, 2007

Bank Cites Need to Address Current and Evolving Regulations

HERNDON, Va. -- Mantas Inc., a business of i-flex([R]) solutions and a provider of regulatory compliance, loss prevention and revenue generation solutions, today announced that FirstBank of Nigeria, that country's largest bank, will implement Mantas ONE[TM] for its anti money laundering (AML) and future compliance programs. FirstBank of Nigeria is the largest financial services group in sub-Saharan Africa, and has distinguished itself as a leading financial institution and a major contributor to the economic advancement and development of Nigeria.

FirstBank needed a platform that would help keep pace with the bank's rapid economic growth and demonstrate the best ROI. FirstBank selected Mantas ONE because of its award-winning combination of Fraud and AML solutions and Mantas for its ability to scale according to both business and regulatory changes, and its local presence to assist with implementation.

The decision is also a response, in part, to Nigeria's Economic and Financial Crime Commission (EFCC) regulatory body, which has been encouraging financial institutions to adopt automated surveillance scenarios to put a stop to financial crime.

"It is clear that regulators are starting to expect more, even from smaller institutions," says Eva Weber, analyst with Aite Group, a leading independent research and advisory firm focused on business, technology and regulatory issues and their impact on the financial services industry. "Staying under the regulatory radar is no longer an option. Banks and brokerages need to have explicit anti-money laundering and fraud detection procedures in place, supported by appropriate technology, so they can demonstrate that they are actively addressing these issues."

"Financial institutions of all sizes around the world are looking for enterprise-wide solutions that address current and evolving regulations regarding broker surveillance, trading compliance, anti-money laundering and other crucial purposes," said S. Ramakrishnan, CEO, Mantas. "With Mantas ONE, we've incorporated years of experience and leadership based on our award-winning Mantas Behavior Detection Platform, which is designed to adapt to new regulations and threats - and that's a key factor for many clients."

Mantas ONE

Mantas ONE(TM) is a bundled product-and-services offering specifically designed for regional, small- and mid-sized financial institutions. Mantas ONE is a cost effective anti-money laundering (AML) and fraud detection solution with a feature set and benefits designed to meet smaller institutions' needs.

Held to the same regulations, risks and exposures as multi-national financial firms, many financial institutions lack the resources to deploy world-class solutions. Mantas ONE bridges that gap with a solution that not only addresses current regulations, but also gives these institutions the flexibility and scale to adapt to rapidly changing business and regulatory requirements. Mantas ONE is based on the award-winning Mantas Behavior Detection platform recognized as the only compliance platform available that supports multiple compliance and risk requirements.

About Mantas

Mantas provides its clients with the industry's most advanced solutions for regulatory compliance, loss prevention and revenue generation. Mantas is a global software company with operations in Europe, the Americas and Asia/Pacific. Recognized as a leader in global operational transparency, the company's products are used by more than 5,000 finance professionals in more than 100 countries. Headquartered in Herndon, Va., the company has offices in London, New York, and Singapore. For further information, please visit www.mantas.com

About i-flex solutions

i-flex([R]) solutions (Reuters: IFLX.BO & IFLX.NS) is a world leader in providing IT solutions to the financial services industry, with more than 720 customers in over 120 countries. i-flex's range of products, custom solutions and consulting services enable financial institutions to cut costs, respond rapidly to market needs, enhance customer service levels and mitigate risk.

i-flex and FLEXCUBE are registered trademarks of i-flex solutions. Reveleus, Daybreak and PrimeSourcing are trademarks of i-flex solutions and are registered in several countries.

All other company and product names are trademarks of the respective companies with which they are associated.

For information, please visit: www.iflexsolutions.com

About First Bank of Nigeria

For over a century, First Bank of Nigeria Plc has distinguished itself as a leading financial institution and a major contributor to the economic advancement and development of Nigeria. The Bank was incorporated as a limited liability company on March 31, 1894, with Head Office in Liverpool by Sir Alfred Jones, a shipping magnate. Reputed as the largest financial services group in sub-Saharan Africa, FirstBank has eight subsidiaries under its umbrella. They include FBN Bank (UK) Limited, First Trustees Nigeria Limited, First Registrars Nigeria Limited, First Insurance Brokers Limited, First Funds Limited, First Mortgages Limited and First Custodians Nigeria Limited and First Capitals Nigeria Limited. With Shareholders' Funds currently at N62 billion and a branch network of about 398, out of which 360 are on-line real-time, the Bank remains the most profitable Bank at N17 billion profit after tax. Its total assets plus contingent of N730,801 is also the biggest in the industry.