Luxembourg, 28 July 2016 - INTRASOFT International, a global ICT company, announces the successful installation and placement in full operation of its PROFITS® Core Banking System at MWALIMU Commercial Bank (MCB) in Tanzania, following the signing of the contract in December 2015. INTRASOFT International was selected through an official international tender process for the supply, installation and maintenance of the System.

This was the first phase of the Project which will run for 5 years (12-month implementation and 4-year maintenance) and was delivered within the agreed timeframe.

MWALIMU Commercial Bank constitutes the first PROFITS® customer of INTRASOFT International in Tanzania, and this successful and timely launch adds another important customer in East Africa, as the company’s penetration into the African market is picking up steam. INTRASOFT International has also recently officially inaugurated its regional headquarters in Nairobi, Kenya, where the company is already delivering solutions for the public and private sectors.

PROFITS® guarantees operational stability and creates opportunities for growth to financial institutions. The system portability across almost all platforms and databases alleviates clients from up-scaling costs. Its comprehensive suite of solutions includes enhanced administrative functionalities which decrease overall development and testing efforts, as well as banking system maintenance.

PROFITS® is also currently being implemented at Centenary Rural Development Bank in Uganda and is already fully operational in Kenya, where HF Group has deployed PROFITS® Core Banking and Internet Banking.

Mr. Alexandros Manos, Managing Director of INTRASOFT International commented: “We are very pleased to have successfully realised our first Banking project in Tanzania with a prominent partner such as MWALIMU Commercial Bank. The launch of PROFITS® adds Tanzania to the group of African countries, where INTRASOFT International has dynamic presence, delivering high-quality products and services to its clients.”

About MWALIMU Commercial Bank (MCB):

ΗMWALIMU COMMERCIAL BANK PLC is a newly licensed Commercial Bank by the Bank of Tanzania. The Bank’s major shareholders include Tanzania Teachers' Union (TTU), Public Service Pension Funds (PSPF), National Health Insurance Fund (NHIF) and the general public. MCB opened its doors in July 2016 with a capital base of Tshs 31 billion. The capital was obtained by selling shares to the public at Tshs 500 per share. The Bank is listed at the Dar es Salaam Stock Exchange (DSE).

About INTRASOFT International:

INTRASOFT International is a leading European IT solutions and services group with a strong international presence, offering innovative and added-value solutions of the highest quality to a wide range of international and national public and private organisations. The company employs more than 1,500 highly-skilled professionals, representing over 20 different nationalities and mastering more than 18 languages. With headquarters in Luxembourg, INTRASOFT International operates through its operational branches, subsidiaries and offices in 13 countries: Belgium, Bulgaria, Denmark, Cyprus, Greece, Jordan, Kenya, Moldova, Romania, Philippines, UK, UAE and USA. More than 500 organizations in over 70 countries worldwide (Institutions and Agencies of the European Union, National Government Organizations, Public Agencies, Financial Institutions, Telecommunication Organizations, and Private Enterprises) have chosen the company’s services and solutions to fulfil their business needs.