Abay Bank is set to receive the delivery of mobile, Internet and point of sales banking systems it procured from the a Morocco based, Société Maghrébine de Monétique (S2M) in November 2013.

The Bank, concluded an agreement for these systems in October, 2013, as part of its plans to launch mobile and agent banking services in the next year.

“It is a form of branchless banking,” said Molla Mengistu (PhD), vice president of business development. “It will help us save money that would have been spent on human resources, rent, furniture and other expenses that come from setting up branches in different parts of the country.”

The Bank is currently in talk with nearly 100 agents nationwide in anticipation of the launch of its new service after the gaining the approval of the National Bank of Ethiopia (NBE).

S2M will prepare mobile apps, SMS money transfer, Internet banking mechanisms and Point of Sale (PoS) systems, according to Ayenew Wudu, vice president of the systems and e-banking department.

Abay Bank, which currently have 54 branches, is planning to expand to 73 other locations in current fiscal year.

Source: Fortune