Bank M (Tanzania) selects FLEXCUBE

Mumbai, September 17, 2007: i-flex® solutions (Reuters: IFLX.BO/IFLX.NS), a leading provider of technology solutions to the banking and financial services industry world-wide, announced today that Bank M (Tanzania) has selected its flagship product FLEXCUBE® as its core banking solution.

"Technology is the backbone of the financial services industry. We selected FLEXCUBE after an exhaustive rating process. We are confident of i-flex's regional support, and impressed with the commitment of i-flex personnel. We are sure the association will be an enduring and beneficial one," said Nimrod Mkono, Chairman and Chief Executive Officer, Bank M (Tanzania).

Bank M (Tanzania) is the first Service Standard Guarantee (SSG) provider in East Africa and uses technology to deliver on its promises. If the bank fails to meet expected timelines or customer care standards, it undertakes the transaction or delivery of the product free of cost. Bank M (Tanzania) provides 'money-round-the-clock'; and all its branches are open from 8 am to 8 pm, unlike most banks that operate until 3 pm and work only half-days on Saturdays. Bank M (Tanzania) has also instituted a program to provide 'Drive in cash banking' at all its branches.

Commenting on the selection, Anil Rai, who heads Africa Sales, i-flex solutions, said, "We are delighted to partner with Bank M (Tanzania) to help them redefine their technology strategy to create competitive advantage. We have over 70 customers in over 23 countries in Africa, including five in Tanzania. This win is a testimony to our growing presence and traction in the region and also our deep commitment to the continent.

About i-flex solutions: i-flex® solutions (Reuters: IFLX.BO and IFLX.NS), majority owned by Oracle, is a world leader in providing IT solutions to the financial services industry, with more than with more than 765 customers in over 130 countries. Its range of applications software, custom solutions and consulting services enable financial institutions to cut costs, respond rapidly to market needs, enhance customer service levels and mitigate risk.

Together, Oracle and i-flex solutions offer financial services institutions the world's most comprehensive banking applications and technology footprint, alongside the expertise, to address the most complex IT or business requirements.

i-flex and FLEXCUBE are registered trademarks of i-flex solutions. Reveleus, Daybreak, Mantas, PrimeSourcing, i-flex Consulting and iPFB 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 Bank M (Tanzania): Bank M (Tanzania) is a focused corporate & investment bank (CIB), targeting the upper end, mid-market and corporate enterprises in Tanzania, both in the manufacturing and trading arenas. Bank M (Tanzania) was authorized as a fully fledged commercial bank in Tanzania in February, 2007 with an authorized share capital of TZS 10 Bln (USD 8.04 million) and a Paid-Up Capital of TZS 6.5 Bln -- 30% higher than the minimum mandated stipulated by the Bank of Tanzania. The investors of the Bank include business groups based in Tanzania including Negus Holdings Limited, Noble Azania Investments Limited, Africarriers Limited and Equity & Allied Limited and two financial services professionals namely P. Sanjeev Kumar and K. Bhaskaran Nair, who have been, till recently, working as the Chief Executive Officers of a Commercial Bank and Insurance Company in the country.