Bank of Abyssinia (BoA) signed a contract with S2M – a Moroccan company –, on Saturday, December 28, 2013, for the installation of 200 Point of Sale (PoS) machines and Electronic Fund Transfer (EFT) switch machines, Fortune reported.

The contract was signed by Addisu Haba, president of the BoA, and Abdallah Deguig, vice president of S2M.

“We are honored to have a relationship with S2M,” Addisu, said. “We will add more products developed by the Company.”

Eight companies showed interest for the supply of the Electronic Fund Transfer, and seven bidders for the supply of the point of sale terminals, when BoA floated the procurement tender.

Abyssinia has refused to state the amount of money it is investing into the PoS system, citing confidentiality agreements with the supplier. The local Partner of S2M, who attended the signing ceremony, also refused to disclose the cost of the PoS, stating that it is currently bidding to supply other Ethiopian banks and the information may adversely affect its bargaining powers, according to Fortune.

Source: Fortune